In 1960, frustrated by Western control over the world’s oil industry, five of the world’s top oil-producing nations created the Organization of the Petroleum Exporting Countries, or OPEC.

VIENNA, December 7. /TASS/. After several hours of negotiations, OPEC countries agreed to reduce oil production in 2019, the Iranian agency Shana reported, citing a participant in the meeting.

However, the parameters of the OPEC+ deal do not take into account voluntary production cuts, which are followed by a several alliance countries, including some OPEC countries MOSCOW, March 12.