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Major oil-producing nations agree historic 10% cut in output

Michael talks to Dr Vlado Vivoda, Senior Lecturer in Strategic Studies at Deakin University, about the major oil-producing nations agreeing to an historic 10% cut in output.

 

Major oil producers Saudi Arabia and Russia have reached a truce after a collapse in demand and have agreed to the cut in global oil production by almost 10% to protect the market from coronavirus impact.

Members of the Organization of Petroleum Exporting Countries and its allies agreed to withhold almost 10m barrels a day from the next month as lockdowns caused by the Covid-19 led to a fall in demand and a collapse of oil prices.

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