OPEC, allies agree to deepen oil output cuts
Saudi Arabia was more keen on reducing output as the kingdom needs higher oil prices to support its budget revenue and the IPO of Saudi Aramco.Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing excess supply, a…
OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for the first three months of 2020.
The Organization of the Petroleum Exporting Countries (OPEC) is m
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