A global pact to stem the biggest rout in oil prices for almost two decades has been all but sealed as the Opec cartel and its key allies agreed to slash production by 10 million barrels a day. Further G20 talks also saw major producers including the US and Canada working towards their own cuts that could lop another 5 million barrels off global output. Crude oil prices have seen devastating falls this year on a toxic combination of a supply glut, a coronavirus-triggered collapse in global demand, and a bitter price war between Saudi Arabia and Russia. The Saudis – the world’s second biggest producer behind the US – flooded the market with crude in March after failing to agree cuts with Russia, which was working with the cartel to lower production.
Telegraph 10th April 2020 read more »