OPEC cuts production to 1991 levels in bid to revive oil demand

OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.

Saudi Arabia faithfully delivered the extra curbs promised in June, and the laggards, though still trailing in implementing the cuts, stepped up their performance, according to a Bloomberg survey. OPEC and its partners’ record output cuts since May have helped revive the oil market, but a recent surge of Covid-19 infections in countries including the U.S. is highlighting the fragility of the revival.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.