OPEC and its allies, known collectively as OPEC+, finalized an agreement to cut production by 9.7 million barrels per day — the single largest output cut in history.
The moves came after OPEC and its allies, known collectively as OPEC+, finalized an agreement to cut production by 9.7 million barrels per day. That's the single largest output cut in history.
Developments surrounding the global coronavirus pandemic are also likely to continue weighing on investor sentiment, with more than 1.8 million confirmed cases globally while at least 112,241 lives have been taken, according to data compiled by John Hopkins University., which tracks the greenback against a basket of its peers, was last at 99.474 after declining from levels above 100 last week.
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Russian, Saudi ministers to chair OPEC+ meeting on Sunday: AzerbaijanRussian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman will chair an OPEC and non-OPEC online meeting later on Sunday, the Azerbaijan energy ministry said.
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Russia's Novak says hopes OPEC+ to be fully agreed in coming days: RIARussian Energy Minister Alexander Novak said on Sunday he hoped that the group of leading oil producers will fully agree and sign a deal to cut the global crude output in the coming days, Russian state-run RIA news agency reported.
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OPEC and allies finalize record oil production cut after days of discussion
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OPEC+ reaches deal to cut oil production by 9.7 million barrels per dayIn an emergency virtual meeting Sunday, OPEC+ arrived at a deal to slash oil production by 9.7 million barrels a day starting May 1, a senior OPEC source tells CNN. The cuts will remain in place through June, the source said.
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Oil prices are flat after OPEC and allies agree to historic production cutOil prices were flat in overnight trading after OPEC and its allies agreed to a historic deal to cut production by a record 9.7 million barrels per day.
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