Commodities OPEC and allies to ease cuts, allow more oil production Updated : July 16, 2020 09:38 AM IST Together, the oil-producing nations had agreed to cut production by nearly 10 million barrels per day, which amounts to about 10 percent of global oil supply, through the end of July. Economic recovery also could bring renewed power struggles among OPEC and other oil-producing nations, where relationships are fragile. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.