OPEC+ agrees largest ever oil output cut of 9.7 million bpd: sources



FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC’s headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger

April 12, 2020

LONDON (Reuters) – OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources said.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.

(Reporting by OPEC Newsroom; Writing by Dmitry Zhdannikov; Editing by Alison Williams)





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