(MENAFN) Oman reached a decision to impose a 2 percent reduction in the production of oil, starting January of next year, primarily for six months.
The news was declared in a letter the Omani oil and gas ministry directed to the country's oil clients.
According to the letter, the move is under a deal which was achieved between The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC crude exporters to cut global supply.
IEA commented: "time will tell how effective the new production agreement will be in rebalancing the oil market."
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