DUBAI, United Arab Emirates (AP) – OPEC and allied nations have agreed to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the cartel and outside nations like Russia met via a video conference call Saturday. Their decision was aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.
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