Oil states to cut production

Oil states to cut production

SAUDI Arabia, Venezuela and Mexico said in a joint statement that they would work together to cut world oil production, the official Saudi Press Agency reported. The statement, issued after a surprise meeting of oil ministers in the Saudi capital , said they had agreed to "co-operate with the remaining members of the Organisation of Petroleum Exporting Countries and other producers from outside Opec to remove the over-supply in the market by between 1.6 and 2 million barrels of oil per day". Crude prices have dropped about 26 per cent since November when Opec announced its intention to boost production quotas by 10 per cent.