São Paulo – The Organization of Oil Exporting Countries (OPEC) reached an agreement this Thursday (5) to implement an additional cut of 1.5 million barrels a day in the oil production of the second quarter. The goal is preventing a large decline in the global commodity’ prices.
The oil demand prospects were reduced due to measures adopted by government to stop global dissemination of the coronavirus outbreak. OPEC will seek the support of Russia and other countries. The decrease in manufacturing and travels has reduced the growth estimates of the oil demand.
Translated by Guilherme Miranda
