OPEC+ agreed to reduce oil output by 9.7 million barrels per day to stop price declines as measures to fight the coronavirus have weakened demand
File Photo: The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
The biggest oil cut ever is more than four times deeper than the previous record cut in 2008. Producers will slowly relax curbs after June, although reductions in production will stay in place until April 2022. The sources said non-members Brazil, Canada, Norway and the United States would contribute 3.7 million bpd. Gulf members of the Organization of the Petroleum Exporting Countries will be cutting output more steeply than agreed, OPEC+ sources said.
The OPEC+ deal had been delayed since Thursday, however, after Mexico, worried about derailing its plans to revive heavily indebted state oil company Pemex, balked at the production cuts it was asked to make.
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