OPEC, allies to execute record oil production cut

The Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries have agreed to cut almost 10 million barrels per day (mb/d) in oil production. The agreement will see participating countries adjusting their crude oil production by 9.7 mb/d from May for an initial period of two months. OPEC outlined in a release …
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Oil slump hits Australian producers

Shares in Australia’s oil and gas giants have fallen sharply following the fallout from the inability of OPEC and Russia to reach an agreement on production cuts last week. The oil and gas sector has been hit hard, with Woodside share prices falling 18.3 per cent from $26.44 to $21.10 during Monday trading. Santos recorded …
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