End to the oil price war

Timely action: An Austrian army member stands next to the Opec logo at its headquarters in Vienna. An agreement has finally emerged to tackle the impact of Covid-19. — Reuters

LONDON: The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a tenth, putting an end to the devastating price war that brought the energy industry to its knees.

After a week-long marathon of bilateral calls and video conferences of ministers from the Opec+ alliance and the Group of 20 (G20) nations, an agreement finally emerged to tackle the impact of the pandemic on oil demand.