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 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.
"In the interests of openness and transparency, and to support market sentiment and confidence, it is vital to make these production adjustments publicly available," Barkindo reportedly told OPEC members in the letter.
"I would urge Your Excellencies to kindly make positive announcements reinstating your countries' commitment to implementing the agreed decisions. This is also vital to underpin trust in our decisions and to buttress ourselves from any naysayers who may doubt our commitment."