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OPEC Pushes for oil production slash but will Russia agree?

6 mins read

The FINANCIAL — With oil prices down more than 20% since the start of the year as the economic impact of the coronavirus saps oil demand. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter. Oil traders fear demand for fuel will be severely curtailed if western governments decide to impose further lockdowns on towns and cities affected by outbreaks. As the spreading Covid-19 epidemic takes its toll on the global economy, OPEC member nations on Thursday agreed to make further steep cuts in oil…

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OPEC Pushes for oil production slash but will Russia agree?

6 mins read

The FINANCIAL — With oil prices down more than 20% since the start of the year as the economic impact of the coronavirus saps oil demand. Oil’s losses came even as OPEC agreed to cut crude output by an extra 1.5 million barrels per day (bpd) in the second quarter. Oil traders fear demand for…