Energy ministers from some of the world’s largest oil producers have agreed to deepen recurring production cuts by an additional 500,000 barrels per day (b/d) through to March 2020.
OPEC and non-OPEC allies, often referred to as OPEC+, decided to implement tighter oil production policy at a biannual meeting in Vienna, Austria on Friday.
The new deal, which is much larger than many analysts had expected, will see OPEC+ reduce total oil output by 1.7 million b/d.
