Reuters exclusively reported that OPEC and its allies want to maintain existing oil cuts beyond Juneâ€”when the OPEC+ group is next due to meetâ€”to shore up prices and demand, which have been hit by the coronavirus pandemic. Global oil demand has slumped by about 30% as the crisis has curtailed travel and economic activity, building up oil inventories globally. Brent crude prices fell 65.6% in the first quarter, before the OPEC+ grouping agreed its deepest oil cuts.
Reuters exclusively reports OPEC+ wants to maintain oil output cuts beyond June
12 May 2020, 12:00 am. 1 minute
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