NSTworld: Top oil-producing countries agreed on Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the Covid19 coronavirus crisis and a Russia-Saudi price war. Oilprices oilpricewar
OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour on Sunday in a last effort to cement a deal struck early on Friday.
Barkindo added that the deal “paved the way for a global alliance with the participation of the G20.” US President Donald Trump welcomed a “great deal for all“, saying on Twitter it would “save hundreds of thousands of energy jobs in the United States.” Initial reticence from Mexico to introduce output cuts had led to a standoff that cast doubt on efforts to bolster oil prices, pushed to near two-decade lows.
Rystad Energy analyst Per Magnus Nysveen said Sunday’s agreement provided “at least a temporary relief” as fuel consumption was expected to fall globally by 27 million barrels per day in April and 20 million barrels per day in May.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Top oil producers agree on ‘historic’ cuts | The Malaysian InsightIt’s to stem plummeting oil prices due to price war and the coronavirus pandemic.
Read more »
Top oil producers to meet via videoconference today | Malay MailVIENNA, April 12 — The world’s top oil-producing countries will meet via videoconference at 1600 GMT today, a source close to Opec said, as they try to address plummeting oil prices due to the coronavirus crisis. The source spoke on the condition of anonymity, but the meeting was confirmed by...
Read more »
Oil nations agree on record deal to cut productionWorldwide fuel consumption is down 30% from coronavirus effects. FMTNews OilPrices Opec
Read more »
The world after oil | Malay MailAPRIL 12 — The world is still in the grip of Covid-19. If you scan the newspapers and news sites, the headlines and virtually every other story is about nothing but Covid-19. Understandably, of course. Thousands have lost their lives to the virus and the lockdowns that have...
Read more »
Saudi, Russia press on with oil cut deal at G20 talks, US offers help | Malay MailLONDON, April 11 — Top oil nations pushed to finalise a deal on sweeping oil cuts at G20 talks on Friday to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion’s share and the United States showing unusual willingness to help out. Riyadh, Moscow and its...
Read more »
Norway says still willing to cut oil output if Opec+ plan implemented | Malay MailOSLO, April 11 — Norway, Western Europe’s largest oil producer, said today the country was still considering cutting oil production if the Opec+ group implemented its plan. “How any potential output cut will be carried out by Norway, and the size of it, we will have to come back to,”...
Read more »