OPEC is reportedly planning to release a table detailing voluntary supply cut quotas among its members and allies, Reuters reported Thursday, as the influential oil cartel steps up its efforts to put a halt to one of the biggest oil price falls in years.
OPEC Secretary General Mohammad Barkindo said Thursday that the 15-member organization would publish country-specific quotas in a bid to prop up prices, according to a letter seen by Reuters.
Barkindo said to reach the proposed cut of 1.2 million barrels per day (bpd), the effective reduction for member countries would need to be 3.02 percent. That is higher than the initially discussed 2.5 percent discussed earlier this month.
OPEC and allied non-OPEC oil producers including Russia agreed at the start of December to curb output by 1.2 million bpd. That's equivalent to more than 1 percent of global demand, in a bid to drain tanks and boost prices.
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