#OPEC, Russia approve biggest-ever oil cut to support prices amid #coronavirus pandemic
![]() 1385 Monday, 13 April, 2020, 18:15 OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline.OPEC+ sources said they expected total global oil cuts to amount to more than 20 million bpd, or 20 percent of global supply, effective May 1. OPEC had the same figure in its draft statement but removed it from the final version. |
"7 organizations were allowed to export flowers from Armenia to Russia" - Rosselkhoznadzor
490Yesterday, 16:26Brazil vows to match US tariffs after Trump threatens 50% levy
54210.07.2025, 19:04Slovakia maintains veto on new package of EU sanctions against Russia
76309.07.2025, 20:46President Trump announces new tariffs on Kazakhstan, citing trade imbalance
111007.07.2025, 22:58"Flight cancellations cost airlines more than $250 million". #Kommersant
97207.07.2025, 15:35"Trump's BRICS Policy Has No Future" - Chinese Foreign Ministry
95007.07.2025, 12:59"A 10% additional tariff will be imposed on countries that support BRICS" - Trump
83207.07.2025, 11:10House sends GOP’s ‘big, beautiful bill’ to Trump’s desk in major win for Republicans
123104.07.2025, 00:16