The Organization of the Petroleum Exporting Countries & allies, or OPEC+, defied earlier predictions that the cartel would keep output by announcing on Sunday that it would reduce produce by about 1.16 million barrels every day (bpd).
However, the OPEC’s actions come as oil prices plunged to fifteen month lows in Mar as a result of worries about sluggish growth in the economy and weakening crude demand stoked by the failure of several U.S. institutions.