Oil Climbs More Than $1/barrel as OPEC, Allied Producers Agree Record Output Cut – The New York Times

Oil Climbs More Than $1/barrel as OPEC, Allied Producers Agree Record Output Cut – The New York Times

Business | Oil Climbs More Than $1/barrel as OPEC, Allied Producers Agree Record Output Cut. Oil Climbs More Than $1/barrel as OPEC, Allied Producers Agree Record Output Cut. Total global oil supply cuts could come to 20 million barrels per day, around 20% of global supply, Kuwait's oil minister said.. "After an initial positive reaction in oil prices, we expect the OPEC+ decision at best to establish a floor under the market," BNP Paribas' Harry Tchilinguirian said in a note, adding that oil price gains could also be capped by hedges from producers..