BAKU, April 13 ― Opec and allies led by Russia agreed yesterday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20 per cent. Measures to slow...
Monday, 13 Apr 2020 07:14 AM MYT
Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs. “The big Oil Deal with Opec+ is done. This will save hundreds of thousands of energy jobs in the United States,” Trump wrote on Twitter, thanking Russian President Vladimir Putin and Saudi King Salman for pushing the deal through.Opec+ sources said they expected total global oil cuts to amount to more than 20 million bpd, or 20 percent of global supply, effective May 1. Opec had the same figure in its draft statement but removed it from the final version.
Saudi Energy Minister Prince Abdulaziz bin Salman told Reuters that real effective cuts by Opec+ would total 12.5 million bpd because Saudi Arabia, the United Arab Emirates and Kuwait would cut supplies steeper given higher output in April. The IEA said it would provide an update on Wednesday when it releases its monthly report. The United States, India, Japan and South Korea have said they could buy oil to replenish reserves.Trump had threatened Opec leader Saudi Arabia with oil tariffs and other measures if it did not fix the market's oversupply problem as low prices have put the US oil industry, the world's largest, in severe distress.
Mexican President Andres Manuel Lopez Obrador said on Friday that Trump had offered to make extra US cuts on his behalf, an unusual offer by the US leader, who has long railed against Opec.
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