Opec and Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
The allies agreed to reduce output by 9.7-million barrels a day
13 April 2020 - 09:25
Opec and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.
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...
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