In an effort to stem the fall in oil prices, OPEC members are set to release a table detailing the voluntary supply cut quotas among its members and allies.
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 on Thursday said that 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% instead of 2.5% which was decided earlier this month.
Concerns over an economic slowdown, demand and supply imbalance, reports of swelling inventories and forecasts of record U.S. and Russian output have all negatively influenced the oil prices in recent times. The above factors resulted into the oil prices crashing down by more than a third after reaching its four-year highs in early October.
Despite production cutback efforts by OPEC members, the slide continued for oil prices and International benchmark Brent crude traded at around $55.43 on Thursday, down around 3% from its last close, while U.S. West Texas Intermediate (WTI) hovered around $46.56, more than 3.3% lower.