OPEC, allies agree to deepen oil production cuts to prevent a global glut

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 an unexpectedly short period of the first three months of 2020. The Organization of the Petroleum Exporting Countries (OPEC) began a meeting to discuss policy in Vienna at 1630 GMT.

On Friday, OPEC will meet with Russia and other producers, a group known as OPEC+. Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire.....

This article is no longer available in our repository.

There could be multiple reasons for this.