Opec agrees to redistribute oil cuts under pressure from Saudi Arabia

Vienna

THE Organization of Petroleum Exporting Countries (Opec) will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden.

The group, which pumps more than half the world's oil, agreed in Vienna on Friday to reduce its output target by 500,000 barrels a day, said delegates, bringing it in line with recent production levels.