Oil prices edge higher after output cut pact 

#GS3 #Economy 

  • Oil prices edged higher in a muted response to a global deal on record output cuts amid concerns over whether the pact will head off an oil glut as the COVID-19 pandemic hammers demand. 
  • The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries, Russia and other countries, agreed over the weekend to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10% of global supply. 
  • Nations in the G20 group had pledged to cut about 3.7 million bpd and that strategic reserves purchases would reach roughly 200 million barrels over the next couple of months, bringing the total reduction to about 19.5 million bpd. 
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