OPEC+ reaches agreement to reduce oil production
The oil producing countries united under the OPEC+ alliance have reached an agreement to cut oil production by 9.7 million barrels per day – the single largest output reduction in history.
The cut equals about 10% of global oil supply. Experts believe the decision will affect prices mainly in the second half of the year. Today’s inventory needs to be shifted first before the market rebalances.
Picture copyright: Shutterstock, 2020