BAKU/DUBAI/LONDON (Reuters) – OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10%of worldwide supply, to support oil costs amid the coronavirus pandemic.
File Photo: The logo design of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s head office in Vienna, Austria April 9,2020 REUTERS/Leonhard Foeger
The group, known as OPEC , consented to reduce output by 9.7 million barrels daily (bpd) for May-June, after four days of marathon talks and following pressure from U.S. President Donald Trump to jail the rate decrease.
Two OPEC sources informed Reuters the deal had actually been sealed in a video conference on Sunday, and the agreement was confirmed in a declaration from by Kazakhstan’s energy ministry.
In the biggest oil output cut ever, the countries will keep slowly decreasing curbs on productio