12 de diciembre de 2016 08:56 AM
Actualizado el 12 de diciembre de 2016 09:35 AM
The agreement signed between the Member States of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC independent oil producers to reduce oil output by 1.7 million barrels will come into force in January 2017.
Meanwhile, during the first half of 2017, both OPEC members and independent oil producers will be monitoring the oil market to verify compliance with production cuts agreed upon by each of the 25 nations that signed the agreement on Saturday in Vienna, Austria, with a view to recovering oil prices.
Non-OPEC nations that agreed to reduce oil production are Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Republic of Sudan, and Republic of South Sudan.