After four days of marathon talks, a deal has been struck to cut oil output by a record amount - representing around 10 per cent of global supply.
OPEC and allies led by Russia have reached a deal to cut oil output by a record amount - representing around 10 per cent of global supply - to support oil prices amid the coronavirus pandemic, and sources said effective cuts could amount to as much as 20 per cent.
In the biggest oil output cut ever, the countries will keep gradually decreasing curbs on production in place for two years until April 2022.OPEC+ has said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut a further 5 per cent or 5 million bpd. Canada and Norway had signalled willingness to cut and the United States, where legislation makes it hard to act in tandem with cartels such as OPEC, said its output would fall steeply by itself this year due to low prices.
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