Opec+ agrees to curb oil output by 10-million barrels a day

Major oil producers have agreed to slash output as feuding members of the oil cartel and other oil-producing nations, including Russia, Opec+ buried their differences in an effort to lift the market from a pandemic-driven collapse.

Oil prices pared gains, trading up 1.6% in London at $33.37 a barrel as of 4.13pm local time. This reflects concern that the volume of cuts being discussed equates to just a fraction of the demand loss, which some traders estimate to be as much as 35-million bpd. Not only oil companies, but entire oil-dependent economies need the market to rebound if they’re to balance ailing budgets.

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