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OPEC, Russia approve biggest ever oil cut

OPEC, Russia approve biggest ever oil cut

OPEC, Russia and other oil producing nations agreed on Sunday to cut oil output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June, after four days of marathon talks and following pressure from U.S. President Donald Trump to stop the price decline as measures to fight the virus have weakened demand.

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Trump had threatened OPEC leader Saudi Arabia with oil tariffs and other measures if it did not fix the market’s oversupply problem as low prices have put the U.S. oil industry, the world’s largest, in severe distress.

OPEC+ has said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut a further 5% or 5 million barrels per day.

Global oil demand is estimated to have fallen by a third as more than 3 billion people are locked down in their homes due to the coronavirus outbreak.



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Virus cases, deaths rise in India's biggest slum

Virus cases, deaths rise in India's biggest slumCoronavirus cases in Mumbai’s densely populated Dharavi slum — one of Asia’s biggest — have risen to 43 including four deaths, officials said Sunday, as they ramp up testing in a race to contain its spread. Since the first virus death in early April, Indian authorities have stepped up measures to close off areas where cases have emerged in Dharavi, which is home to around a million people. Testing sites have also been set up in recent days to pick up asymptomatic carriers of the virus, Khabale-Patil said, adding that “as a result more positive cases have emerged”.



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