OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.
Brent crude oil prices rose above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on fuel exports from Iran and Venezuela outweighed concerns about an economic slowdown.
Iran will have to take bigger share of OPEC cuts in the case of further increasing the targeted volume of oil output cuts, Tom Pugh, the economist at British economic research and consulting company Capital Economics, told Trend.
