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G20 developing nations agree to cut oil production

14.4.2020 Print

Crude oil prices are currently at their lowest in 18 years, and oil producing countries are trying to stabilize the prices. Earlier, the OPEC+ group of countries led by Saudi Arabia and Russia had already agreed to cut oil production by 10 million barrels per day (bpd). The G20 group of nations have joined the deal. They will cut the production by five million bpd in May and June.

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