An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT
An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT

Opec and its allies have agreed to cut oil production to prop up prices and prevent a glut 2020.

The oil cartel will extend production cuts by 500,000 barrels a day from their current 1.2-million.

Business Day TV spoke to Bjarne Schieldrop from SEB for more detail.

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