BAKU/DUBAI/LONDON: OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20%.
The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.
NEW YORK: oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic.
Opec producers and allies have agreed to cut output by more than a fifth to counter the slump in demand caused by coronavirus lockdowns.
OPEC++ may have reached today a commitment to cut 10 million bpd of oil production in both May and June, but oil prices reacted poorly to the largest production cut in OPEC’s history, as it had hoped for a larger cut.
BEIJING, April 9 (Xinhua) -- China's automobile sector will remain stable and positive in the long term despite the decline in auto sales during the past two years, an official with China's top economic planner said Thursday.