Again, OPEC approves 1.5 million barrels daily cut
) resolved on Thursday to cut crude oil production from its 14 members by a combined volume of about 1.5 million barrels per day.
The decision is expected to be in force till next June 30, subject to a review depending to changing conditions in the international oil market.Under the agreement, OPEC said its members will cut a minimum of one million barrels per day from production, while Russia and other members in the non-OPEC group would cut 500,000 barrels.
The announcement of the decision did not, however, register much impact in the international oil market, as the negative surge in the oil market remained largely unchanged. OPEC said the spread of the virus has assumed epidemic dimensions, with “a major adverse impact” on economic and oil demand forecasts.Also, the group said the latest cut was in addition to a subsisting estimated 2.1 million barrels per day cut announced recently, which is expected to run till the end of 2020.
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