Breaking News! OPEC to Cut Oil Output by an Extra of 1.5 Million bpd

In the meeting between OPEC on Mrach 5-6, 2020, the group has agreed to cut oil production by 1.5 million barrel per day (bpd)

 

The group had agreed to cut oil output by an extra of 1.5 million bpd in the second quarter of 2020, while keeping the existing 2.1 million bpd cut until the end of 2020, due to its low demand which caused the oil prices to plunge amid the spread of coronavirus.

Russia has been reluctant to cut its oil output, but the source close to the matter reported the Russia was onboard in this cut as well.