OPEC+ strikes a deal, but big challenges to come

CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES | After a month of oil market chaos, the Organization of the Petroleum Exporting Countries (OPEC) has agreed on production cuts, but the supply reductions may be too small to place a floor under oil prices. The alliance of producing states known as OPEC+ held an emergency meeting on April 9 and is close to finalizing a coordinated supply cut of 10 million barrels per day. Energy ministers from the G20 countries also held discussions today over the Covid-19 impact on the oil market and the global economy.

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