VIENNA/LONDON : OPEC and allies led by Russia on Thursday agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for the first three months of 2020.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting to discuss policy in Vienna. On Friday OPEC will meet with Russia and other producers, a group known as OPEC+.
Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing excess supply, are set to expire in March.
