Oil nations agree on record deal to cut production

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NEW YORK: An oil producer deal to make record output cuts will lend some support this week to oil prices that have lost half their value this year as the coronavirus hammers demand. Total global oil supply cuts could come to 20 million barrels per day, around 20% of global supply, Kuwait’s oil minister said. After four days of wrangling, Opec, Russia and other oil-producing nations, a group known as Opec+, agreed on Sunday to cut output by a record amount of 9.7 million barrels per day, representing around 10% of global supply to support oil prices amid the pandemic, sources said. Kuwait’s oil minister said the effective reduction in oil supply by Opec+ and other G20 countries would be roughly 20 million bpd. “If G20 adds about another 10 mln bpd, then the world is meeting the total imbalance from May and this would be a massive relief,” Rystad Energy said. “Still storage will be f…