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30.04 - 21:47
OPEC, oil nations agree to record-setting oil production cut amid coronavirus pandemic
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OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount — representing around 10 per cent of global supply — to support oil prices amid the coronavirus pandemic, and sources said effective cuts could amount to as much as 20 per cent.
Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S.
shale industry, which is more vulnerable to low prices due to its higher costs. The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, after four days of marathon talks and following pressure from U.S.
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Russia
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