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Oil slides as coronavirus pandemic continues to rattle economies

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Drilling crew members move a pipe while working at an oil rig in the Yarakta Oil Field in Irkutsk Region, Russia
OPEC+ crude production cuts could be extended – Putin

The supply glut has been a major headache for key global oil producers amid the coronavirus pandemic. In an attempt to balance the market, the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, known as OPEC+, introduced massive production cuts earlier this year. The signatories of the OPEC+ deal are scheduled to reduce the caps of 7.7 million barrels per day (bpd) by around 2 million bpd from January. However, it was earlier reported that the alliance may keep production at current levels after the deadline expires if the oil market does not show signs of recovery.

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