Opec backs biggest oil cut since 2008 crisis

The deal to cut oil output by 1.5 million barrels per day (bpd) comes atop extending existing cuts of 2.1 million bpd to end-2020; but Russia does not support the fresh cut

Fri, Mar 06, 2020 - 5:50 AM

Vienna

THE Organisation of the Petroleum Exporting Countries (Opec) agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020, to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia...