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Energy Capital & Power
Source: Energy Capital & Power |

OPEC+ slashes production, saves Oil Industry from collapse

Up to 20 million barrels of oil per day could come off the market in combined efforts

In a watershed moment for the oil and gas industry, OPEC and its allies in the OPEC+ group finalized a deal on Easter Sunday that, in conjunction with efforts from the G20 and International Energy Agency, could see up to 20 million barrels of oil per day removed from a…

Energy Capital & Power
Source: Energy Capital & Power |

CORRECTION: OPEC+ at Brink of Ending Oil Price War, awaits G20 Meeting for OPEC++ Deal

From July to December, overall production cuts will lower to 8 million barrels per day, followed by 6 million barrels per day from January 2021 to April 2022

In a move to save the oil industry — facing the biggest crisis in its history — OPEC and Russia have agreed on new production cuts, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period to save a glutted oil…