Russia & OPEC reportedly agree on new oil production cuts to prop up global crude prices

PressBee - Russia Today :


The Organization of the Petroleum Exporting Countries (OPEC) and allied oil exporters led by Russia have reportedly agreed to deepen production cuts and to reduce daily output by 500,000 barrels during their meeting in Vienna.
OPEC and other major oil producers, referred to as OPEC+, met on Friday to decide if the current cuts of 1.2 million barrels per day (bpd) are enough to boost the market.
Under the new deal the size of collective daily production cuts is set to be deepened to 1.7 million barrels, Bloomberg reported. OPEC states are likely to cover 340,000 bpd or around 60 percent of fresh curbs and allied non-OPEC producers an ex

Russia & OPEC reportedly agree on new oil production cuts to prop up global crude prices