The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC , agreed Thursday to cut production by 10 million barrels per day, starting May 1. The group will then ease the cuts to 8 million bpd until the end of the year, and then 6 million bpd in January. Analysts say that, despite the sweeping nature of the cuts, they will not be enough to rebalance the market. (File pic: Opec logo at headquarters. Reuters)
NEW YORK/LONDON: OPEC and other major oil producers on Thursday said they would cut output by 10 million barrels per day for two months in the face of a huge fall in demand due to the coronavirus crisis.
The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, agreed Thursday to cut production by 10 million barrels per day, starting May 1. The group will then ease the cuts to 8 million bpd until the end of the year, and then 6 million bpd in January.
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