Top oil producers agree on deal to cut output amid coronavirus crisis
- Posted By
10Pointer
- Categories
Economy
- Published
13th Apr, 2020
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- Top oil-producing countries have agreed to cut output in order to boost plummeting oil prices due to the coronavirus crisis and a Russia-Saudi price war.
- Kuwait Oil Minister announced the agreement to cut production by nearly 10 million barrel per day by OPEC members starting on May 1st.
- OPEC producers, dominated by Saudi Arabia, and allies led by Russia, met via video-conference in a last-ditch effort to cement an accord struck early Friday that hinged on Mexico's agreement.
- Yesterday's meeting was chaired by Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak.
