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According to three industry sources, OPEC+ and its allies are considering cutting a further 500,000 barrels per day due to the impacts of Coronavirus. The price of oil has fallen to $56, which is lower than the level many OPEC countries need to balance their budgets.

More Oil Cuts Being Considered by OPEC+

According to three industry sources, OPEC+ and its allies are considering cutting a further 500,000 barrels per day due to the impacts of Coronavirus. The price of oil has fallen to $56, which is lower than the level many OPEC countries need to balance their budgets.

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