Major oil-producing nations agree historic 10% cut in output
by Jillian Ambrose Energy correspondent from Environment | The Guardian on (#522BN)
Saudi Arabia and Russia reach truce after collapse in demand caused by coronavirus
The world's largest oil producers have agreed a historic deal to cut global oil production by almost 10% to protect the market against the impact of the coronavirus pandemic.
Members of the Opec oil cartel and its allies have agreed to withhold almost 10m barrels a day from next month after the outbreak of Covid-19 wiped out demand for fossil fuels and triggered a collapse in global oil prices.
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