Also on rt.com
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.
For more stories on economy & finance visit RT’s business section