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OPEC to cut oil production
March 7 , 2020
1625 days
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- 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.
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