The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.
NEW YORK: oil prices tumbled on Thursday on doubts that a deal between OPEC and allies to make a record oil supply cut would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic.
Opec producers and allies have agreed to cut output by more than a fifth to counter the slump in demand caused by coronavirus lockdowns.
OPEC++ may have reached today a commitment to cut 10 million bpd of oil production in both May and June, but oil prices reacted poorly to the largest production cut in OPEC’s history, as it had hoped for a larger cut.
BEIJING, April 9 (Xinhua) -- China's automobile sector will remain stable and positive in the long term despite the decline in auto sales during the past two years, an official with China's top economic planner said Thursday.
China’s March car sales fell 40.8 per cent from a year earlier to 1.08 million units, the China Passenger Car Association said on Thursday, as efforts to curb the coronavirus pandemic in the country weakened economic activity.