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What the OPEC Production Cut Will Really Mean for Oil Prices
Crucially, the deal is dependent on persuading major non-OPEC producers such as Russia to cut output too, by a total of 600,000 barrels a day. Al-Sada said that Saudi Arabia would take the biggest hit, cutting by 486,000 barrels a day to just over 10 million. The actual cut isn't as big as OPEC would like to present it. The cartel has simply stopped counting the 750,000 barrels a day produced by Indonesia, on the grounds that it is no longer an oil exporter.
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