NEW YORK: oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic.
The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, agreed to cut output by 10 million barrels per day from May, the group said in a statement.
Before the coronavirus outbreak hit global transportation and economic activity, 10 million bpd was about 10% of global supply.
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