Cut in oil production is approved

Last Sunday (12), the Organization of Petroleum Exporting Countries (OPEC) and other oil producing countries reached a historic agreement to cut oil production. The decrease represents 10% of global supply and aims to support oil prices amid the coronavirus pandemic.

According to Reuters, the agreement was closed via videoconference, and soon after, confirmed by kazakhstan's Ministry of Energy. This is the biggest cut in oil production in history. In addition, countries are expected to continue gradually reducing production brakes until April 2022.

In addition to OPEC, the agreement includes some countries such as Russia, Mexico, the United States, Brazil, Norway, Canada and others.


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