DUBAI (Reuters) – Saudi Arabia’s energy minister said on Monday that effective international oil supply cuts would total up to around 19.5 million barrels daily, considering the reduction pact concurred by OPEC , pledges by other G20 countries and oil purchases into reserves.
FILE PHOTO: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks by means of video link throughout a virtual emergency situation conference of OPEC and non-OPEC countries, following the break out of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 9,2020 Saudi Press Agency/Handout by means of REUTERS
OPEC and allies led by Russia, a group known as OPEC , settled on Sunday to a record cut in output to prop up oil costs in the middle of the coronavirus pandemic in an extraordinary handle fellow oil nations, including the United States, that might suppress global oil supply by 20%.
Procedures to slow the spread of the coronavirus have damaged demand for fuel and driven down oil