OPEC, Allied Nations Extend Nearly 10M Barrel Cut by a Month

DUBAI, United Arab Emirates (AP) — OPEC and allied nations have agreed to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

Ministers of the cartel and outside nations like Russia met via a video conference call Saturday.

Their decision was aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic.

It represents some 10% of the world’s overall supply.