The Organization of the Petroleum Exporting Countries (OPEC) and allied nations have agreed to extend production cut of nearly 10 million barrels of oil a day through the end of July.
The intergovernmental Organization is seeking to boost energy prices hard-hit by the pandemic.
Ministers of the body and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic.
It represents some 10 percent of the world’s overall supply.
Nigel Bell, Readers Bureau, Fellow
Edited by Jesus Chan
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