NSTbusiness Top global oil producers are considering slashing output by 20 million barrels a day under the terms of a deal to boost prices, US President Donald Trump said on Monday.
Trump’s remarks came after Organization of the Petroleum Exporting Countries producers and their allies agreed on Sunday to cut production by 9.7 million bpd, which some analysts feared would be too little to stem the damage from the combination of plunging demand amid the coronavirus pandemic and a price war between Russia and Saudi Arabia.
Yet traders remained nervous about a supply glut, and the US benchmark WTI oil price finished down 1.5 per cent at US$22.41 in New York trading, while Brent ended up 0.8 per cent at US $31.74 . After a Sunday videoconference, the top producers agreed to slash daily production by 9.7 million barrels from May, according to Mexican Energy Minister Rocio Nahle, down from the 10 million barrels a day envisioned earlier.
With countries putting their populations under lockdown, the coronavirus pandemic has caused an economic decline and a global demand slump that has sent oil prices to two-decade lows. “Lots of questions... remain, as far as compliance and ultimately how much oil is actually taken off the market,” he said. “Any increase in prices over the next few months is going to encourage producers to keep on producing.”
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