Deal to cut oil production expected to lift prices starting from Q2-2020

Monday, 04 May 2020

OPEC producers and Russia, supported by the U.S. and Mexico, have agreed to cut output by about 10%, or 9.7 million barrels per day, after demand slumped due to coronavirus lockdowns. Though oil prices did not jump today in early trading in Asia, but Wood Mackenzie says the supply cuts will lift oil and gas prices “significantly” starting from the second quarter of this year.

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