OPEC agrees to cut oil output by 10 million bpd to prop falling prices

The Organization of Petroleum Exporting Countries agreed on Thursday to cut oil output by 10 million bpd between July and December to prop up prices that crashed due to global lockdowns against the coronavirus pandemic. Prices had already dropped by more than two-thirds before rising to one third in expectation of OPEC action.

Saudi Arabia and Russia were forced into line in the middle of a price war between them.

 

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