As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In Output
Marathon video chats led to a record-setting 9.7 million barrels per day in cuts. But analysts say that's not a big enough drop to balance oil markets, given the total collapse in demand for crude.
Saudi Arabia and Russia reached agreement with other oil-producing nations on Sunday to cut output by 9.7 million barrels per day for the next two months, in an effort to stem a plunge in oil prices brought on by the coronavirus pandemic and feuding between Moscow and Riyadh.
OPEC+, a group that includes OPEC members as well as allied non-members like Russia and Mexico, finalized the
