A version of this story first appeared in CNN Business' Before the Bell newsletter. New York (CNN Business) OPEC and Russia's unprecedented production cuts last spring lifted oil prices out of a death spiral. Last year, OPEC+ slashed output by a record-shattering 9.7 million barrels per day. The emergency steps, along with production cuts by US and other producers, drove a strong rebound in prices. That recovery has accelerated in recent months as millions of people around the world have gotten vaccinated against Covid.

Source: The Nation February 28, 2021 16:41 UTC