OPEC seeks 600,000 b/d reduction from non-OPEC producers Setting aside geopolitical rivalries, OPEC members emerged from their formal meeting Wednesday with a deal that would freeze the group’s collective output at 32.5 million b/d to speed the market’s rebalancing and boost producer coffers. The agreement — OPEC’s first coordinated cut since the depths of the financial crisis in 2008 — amounts to an approximate 1.2 million b/d cut from the producer group’s current output levels, and is contingent on key non-OPEC producers also agreeing to cut 600,000 b/d. Russia has agreed to absorb 300,000 b/d of that non-OPEC cut, albeit “gradually,” its energy ministry said. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, […]