OPEC to meet non-OPEC producers on December 10

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The Organisation of the Petroleum Exporting Countries (OPEC) will on December 10 meet with non-OPEC countries in order to finalise a global oil limiting pact.

This meeting is expected to take place in the Russian capital, Moscow.

OPEC agreed this week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hoped that non-OPEC countries would contribute another 600,000 bpd to the cut.

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However, Russia has said it will reduce output by around 300,000 bpd.