The call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March.
The hit to producing countries revenue was harsh enough to bring OPEC and its non-OPEC allies — known as OPEC+ — back to the negotiating table. In April, they agreed to the largest production cuts in the world at 9.
7 million barrels per day. Those cuts have now beenDeutschland Neuesten Nachrichten, Deutschland Schlagzeilen
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