OPEC+ and Russia Agree to Reduce Oil Supply, Hoping to Sustain Price

The price war between the major oil powers is over. The agreement will result in the gradual removal from the market of just over a tenth of world oil production,

RIO DE JANEIRO, BRAZIL - Riyadh and Moscow have agreed to reduce oil extraction by up to 10 million barrels per day and include other countries, among them the US and Brazil. Mexico maintains its ambiguous position.

The price war between the oil powers is over. All major oil producing countries  (Opec+) except for Mexico have agreed to cut production in May and June by 10 million barrels per day, following marathon negotiations to tackle the . . .

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