OPEC, allied nations extend daily production cut by month

DUBAI, United Arab Emirates — OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to encourage stability in energy markets hard hit by the coronavirus-induced global economic crisis. Ministers of the cartel and outside nations led by Russia met via video conference to adopt the measure, aimed at cutting the excess production depressing prices as global aviation remains largely grounded due to the pandemic. The curbed output represents some 10% of the world’s overall supply. But danger still lurks for the market, even as a number of nations ease virus-related lockdowns, and enforcing compliance...