The Latest on the OPEC oil meeting (all times local):
Iraq’s representative in OPEC says the oil cartel has agreed to a proposal that will see global oil production reduced by 1.2 million barrels a day.
According to Thamir Ghadhban, the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels from non-OPEC nations.
The proposed cut was in line with the 1 million to 1.3 million barrels per day expected by analysts.
OPEC countries are mulling a possible cut to oil production in an attempt to stabilize prices as they meet for a second straight day.
Heavyweight Saudi Arabia has been pushing a cut of about 1 million barrels a day, but the oil cartel was not able to make a decision on Thursday.
Analysts say they’re likely waiting to hear from non-OPEC Russia to better coordinate the cut.
Heading in to Friday’s meeting in Vienna, Nigerian Petroleum Minister Ibe Kachikwu told reporters he was “hopeful” the nations would be able to reach an agreement.
Ahead of the meeting Brent, the international standard, was down 59 cents at $59.47 a barrel while benchmark New York crude was 61 cents lower at $50.88.
Oil prices have fallen about 25 percent in recent months.
Source: The Associated Press