OPEC and all but one of its allied countries agreed to extend record oil production cuts through July. The group met virtually over a video conference. The lone dissenter was Mexico, which stuck to its April agreement.
Members of OPEC and their allies, including Russia and Mexico, already had pledged to cut output by 9.7 million barrels a day in May and June, which has helped prop up oil prices as demand for crude begins to recover. It was the deepest cut ever agreed to by the world's oil producers.The group met virtually over a video conference. The lone dissenter was Mexico, which stuck to its April agreement.
Countries that didn't comply in May and June agreed to compensate for their excess production by making additional cuts in July, August and September.The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store it. At the same time, Russia and Saudi Arabia flooded the world with excess supply. That double black swan event caused oil prices to turn negative for the first time on April 20.
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