New Delhi: The Organization of the Petroleum Exporting Countries plus (Opec+) combine, which includes Russia, agreed on late Thursday night (Vienna time) for a production cut of 10 million barres per day (mbpd), ending its high-stakes game of flooding the global markets with high crude oil production amid the covid-19 pandemic and slowing global growth.
Buoyed by the media reports of the largest such supply deal that brought an end to brinkmanship by these large oil producers, the global crude oil prices rallied on Thursday after crashing to the lowest level since 2002.
After rallying by around 11%, the international benchmark Brent settled around $32.02 per barrel on Thursday, on account of the deal reached due to continued US pressure to reach a compromise. The West Texas Intermediate also rose and was trading at $23.56 per barrel.
