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BREAKING NEWS: OPEC and Russia reportedly agree on outline of production cut

by ChemOrbis Editorial Team -
  • 09/04/2020 (22:44)
Initial reports revealed that the Organization of the Petroleum Exporting Countries (OPEC) and other oil producers have reportedly reached an agreement to cut oil production during today’s meeting. According to Reuters’ reports based on non-official statements, the output cut may reach up to 20 million barrels/day, which is equivalent to about 20% of global supplies.

In the meantime, whether the US will be a part of a possible deal or not remains unknown at the time of the writing. The deal will be enacted only if the US joins in, noted media sources.

The decision came in an attempt to resume the balance in oil prices and support the energy markets at multi-year low after crude oil futures slumped earlier in March.
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