OPEC, Russia reach agreement to cut oil production: Report
The Organisation of Petroleum Exporting Countries (OPEC) and Russia reached a tentative agreement on Thursday to cut oil production by 10 million barrels a day for May and June, reported CNN citing a senior OPEC source.
According to CNN report, the deal would see output cut easing to 8 million barrels a day from July to December followed by 6 million barrels a day from January 2021 to April 2022.
Iran, Libya and Venezuela would be exempted from the output cuts due to sanctions or lost production.
