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Global pact forged to drastically cut oil production to contain price crash

April 13, 2020

“Perhaps most importantly, economic conditions continue to worsen on a global basis, with shutdowns extending, trade flat lining, and unemployment levels surging to historic levels. Demand declines may outpace any production cuts, leaving storage facilities to continue filling,” said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto, to CBC.

Read the article here.