OPEC+ agrees largest ever oil output cut of 9.7 million bpd

OPEC agreed to cut oil output by a record 9.7 million barrels per day, about 10% of global supply, for the months of May and June, followed by another agreement of extending the duration of the proposed 1.5 million barrel per day cut until the end of 2020, instead of 30th of June 2020.

Specifically, according to the new agreement, OPEC+ will experience a cut by eight million barrels per day to the end of 2020 and six million barrels per day till end of April 2022. It aims to support the oil...

https://safety4sea.com/opec-agrees-largest-ever-oil-output-cut-of-9-7-million-bpd/

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