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

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July hoping to boost energy prices hardhit by the coronavirus pandemic

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure 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 worlds overall supply

However danger still lurks for the market Algerian Oil Minister Mohamed Arkab the current OPEC president warned attendees that the global oil inventory would soar to 15 billion barrels by the midpoint of this year