PREVIOUS
✖
OPEC to cut oil production
March 7 , 2020
1773 days
1068
0
- The world’s largest oil production nations of OPEC (Organization of Petroleum Exporting Countries) have planned to cut oil production.
- The major member of OPEC, Saudi Arabia has planned to cut production by 1.5 million barrel a day from April 2020.
- The cuts are being made to avoid oil prices from collapsing.
- OPEC has taken this decision predicting decline in demand of oil due to Corona Virus and its impact all over the world.
- OPEC was founded in Baghdad, Iraq with 5 member countries.
- Currently, the Organization has a total of 14 Member Countries.
Leave a Reply
Your Comment is awaiting moderation.