Top oil producers agree on deal to cut output amid COVID-19 crisis

Top oil-producing countries have agreed to cut output to raise plummeting oil prices due to the coronavirus crisis and a trade war between Russia and Saudi Arabia. Kuwait Oil Minister Khaled al-Fadhel announced that the OPEC members would agree to slash production by nearly 10 million barrels per day beginning on May 1.

 

by Niranjani Jesentha Kumari Prabagararaj

Updated: Apr 13, 2020 12:45 IST

Article continues below advertisement

OPEC

OPEC producers, dominated by Saudi Arabia, and Russian-led allies, met yesterday for an hour via video-conference in a last-ditch attempt to cement an agreement reached early Friday that hung on Mexico's agreement.

The meeting yesterday was chaired by Prince Abdulaziz bin Salman, Saudi Energy Minister, and Alexander Novak, the Russian energy minister. 

At the beginning of the year, oil prices have fallen due to the COVID-19 pandemic.

DMCA.com Protection Status