BAKU/DUBAI/LONDON—OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount—representing around 10 percent of global supply—to support oil prices amid the CCP virus pandemic, and sources said effective cuts could amount to as much as 20 percent.
Measures to slow the spread of the CCP (Chinese Communist Party) virus, commonly known as novel coronavirus, have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.
