OPEC members, Russia, and other oil-producing countries have made an agreement to cut oil production by 10 million barrels per day — or a tenth of global supply — in response to the oil price crash as a result of the coronavirus pandemic and an oil price war between Russia and Saudi Arabia. The cuts may not be enough, however, to boost prices, since the output would still significantly exceed current demand.

May Boeve, executive director of 350.org, condemned the agreement, saying, “it does not address the structural overproduction of oil and it doesn’t get us towards what’s really needed, a managed decline of the fossil fuel industry. The oil price collapse is a stark warning to any investor who thinks that they can still profit from funding fossil fuel companies.”