VIENNA | Oil prices spike on mooted production cut

VIENNA | Oil prices spike on mooted production cut

VIENNA— Oil prices spiked sharply higher Friday after OPEC countries agreed to a proposal that would see global oil production reduced by 1.2 million barrels a day.

Following a morning meeting of the Organization of the Petroleum Exporting Countries, Iraq Oil Minister Thamir Ghadhban told reporters the proposed cut would be made up of 800,000 barrels per day from OPEC countries and 400,000 barrels per day from Russia and other non-OPEC nations.

His Iranian counterpart, Bijan Zanganeh, confirmed the proposed cuts ahead of a closed-door session to finalize the deal with the non-OPEC countries.

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