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OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic | Reuters
Source: Pixabay, 272447. Pixabay License.

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic | Reuters

OPEC and allies led by Russia have agreed to make a record cut to the output of oil in order to help support prices. Response to the coronavirus has caused a drastic decrease in oil demand, creating strain on oil companies throughout the world. OPEC+ has since announced that they will cut oil output by 9.7 million barrels per day during the months of May and June. This is four times larger than what was previously the biggest cut in history back in 2008. “The big Oil Deal with OPEC+ is done. This will save hundreds of thousands of energy jobs in the United States,” commented President Trump on Twitter following the announcement.

Source: https://www.reuters.com/article/us-global-oil-opec/opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus-pandemic-idUSKCN21U0J6

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