Opec backs biggest oil cut since 2008 crisis, awaits Russia
VIENNA: 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 and others joining in.
The oil demand outlook has been pummelled by governments’ steps to halt the spread of the virus, prompting OPEC to consider its deepest cut since the 2008 financial crisis.
Demand growth forecasts in 2020 have been slashed as factories have been disrupted, people have been deterred from travelling and other business activity has slowed.
