OPEC and Russia Agree to Decrease Oil Production – GNP
9 April 2020 (GNP) : The Organization of the Petroleum Exporting Countries, Russia, and other countries reached a tentative agreement to cut on production on Thursday.
In a statement on Friday OPEC and the other oil-producing countries agreed stated that they are cutting about 10 million barrels a day and about 10 percent of the normal production in the month of May and June. Further possible cuts would be decided after the meeting with the group of 20 nations on Friday.
The reason for the cuts was due to the decrease in the prices of oil. (GNP)