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Roto
Roto may refer to:
Roto Grafisk, a Swedish rock group from Gothenburg
Roto-Rooter Corporation, a U.S. company that provides plumbing, drain, and sewer cleaning services
Roto Records, a defunct American record label
Roto Die, a Japanese company which manufactures diecast toys
Roto Vendo, a drug-dispensing machine used in the Netherlands, Switzerland, the Netherlands and France
Rotoscopers, a form of art in which a dead body is photographed and then placed back in its original positionOPEC has confirmed that the organization has agreed to extend its agreement to lower global oil production, which will result in additional cuts of around 1.8 million barrels per day (bpd). The committee has agreed to “continue to reduce production and associated economic losses due to low oil prices.”
In a press release, the Saudi Arabian oil minister, Khalid al-Falih confirmed the outcome of the meeting.
The agreement would include cuts of around 600,000 bpd in March, followed by cuts of around 400,000 bpd in April and 300,000 bpd in May, according to CNBC. It will take effect on July 1.
If the deal goes into effect, this will be the second consecutive year that OPEC will cut production, which has been the main factor in helping to keep oil prices at a historical high.
Oil prices have been pressured since December due to a lack of supply and an increase in demand from China. Oil prices have remained below $50 a barrel since that time.
The announcement follows comments from Saudi Arabia, which led the talks, that it was time for OPEC and non-OPEC countries to re-engage on oil production cuts. While the agreement follows through on those comments, it is expected to be opposed by some OPEC members.
The agreement is scheduled to go into effect on July 1st, which is when the Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut output. The agreement originally started in September and was designed to reduce output to about 32 million bpd be359ba680
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