Global economy already set for historic contraction
The global economy was facing the worst collapse since the second world war as coronavirus began to strike in March, well before the height of the crisis, according to the Continue Reading
U.S., Saudi Arabia, Russia Lead Pact for Record Cuts in Oil Output
Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud Continue Reading
Opec secures record global oil cuts deal under US pressure
Saudi Arabia and Russia ended their oil price war on Sunday by finalising a deal to make the biggest oil production cuts in history, following pressure from US President Donald Continue Reading
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow Continue Reading
OPEC+ oil deal is short-term band aid, better long-term bet: Russell
The agreement to cut global crude oil output, reached amid high drama over the Easter weekend, appears effectively to be in two parts. A short-term agreement that’s probably not enough, Continue Reading
Oil Spikes After Algeria Says OPEC+ Cuts Could Reach 10 Million Bpd
The price of a West Texas Intermediate barrel of oil shot up on Wednesday afternoon by nearly 7% shortly after OPEC’s President gave the market fresh optimism about tomorrow’s virtual Continue Reading
Interview: OPEC+ seeks outside help to hit 10 million to 15 million b/d cut deal: Kuwait minister
Fadhel says talks ongoing, but OPEC+ ready to act Russian rhetoric seen as negotiating tactic Kuwait production could hit 3.30 mil b/d in April London — The 23-country OPEC+ alliance Continue Reading
G20 announces emergency energy ministers meeting Friday on oil cuts, coronavirus
The G20 group of leading world economies will host an extraordinary energy ministers’ meeting Friday to discuss OPEC-led plans for a global crude production cut accord aimed at shoring up Continue Reading
OPEC+ awaits green light from other key producers as oil cut math gets complicated
OPEC’s ambitions for expanded global production cuts to level out the oil market’s coronavirus nosedive remain in the balance, with countries still far apart on many details — not least Continue Reading
Global Oil Deal Gains Traction With U.S. Predicting Big Drop
The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects Continue Reading