OPEC, allied nations extend nearly 10M barrel cut by a month

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FILE – In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak. As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico. (AP Photo/Eric Gay, File)

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.

This is a developing story. Stay with News 2 and WKRN.com for updates.

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