NEW DELHI: Global oil prices on Friday remained volatile, despite the Organization of the Petroleum Exporting Countries plus (Opec+), including Russia, agreeing under the US' pressure to slash production by 10 million barrels per day (mbpd).
With this, the organisation along with large producers ended its high-stakes game of flooding the global markets amid the covid-19 pandemic, which has taken a major toll on demand.
The agreement reached said, “Adjust downwards their overall crude oil production by 10.0 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020." The Opec+ arrangement cooperation charter was inked on 2 July last year.