OPEC+ agrees to largest oil output cut of 9.7m bpd - sources
The cut represents around 10 per cent of global supply
Image Credit: Reuters
London: OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10 per cent of global supply, to support oil prices amid the coronavirus pandemic, sources said.
The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.