Tag: OPEC

OPEC, Russia extend record oil cuts to end of July – Reuters

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.
— Read on www.reuters.com/article/us-global-oil-russia-opec-graphics/opec-russia-extend-record-oil-cuts-to-end-of-july-idUSKBN23D007

OPEC and its allies reach deal to cut oil production by nearly 10 million barrels per day [Video]

On Sunday, OPEC and its allies said they agreed to a production cut of nearly 10 million barrels per day to help ease a mounting supply glut. Ben Cook, Hennessy BP Energy Fund Portfolio Manager, joined Yahoo Finance’s Myles Udland, Jen Rogers, Melody Hahm, and Dan Roberts to discuss.
— Read on ca.finance.yahoo.com/video/opec-allies-reach-deal-cut-220244494.html

OPEC and allies finalize record oil production cut after days of discussion

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world’s largest energy producers.
— Read on www.cnbc.com/2020/04/12/opec-and-allies-finalize-record-oil-production-cut-after-days-of-discussion.html

Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends – Bloomberg

The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to a devastating price war but not going far enough offset the impact of the coronavirus pandemic.
— Read on www.bloomberg.com/news/articles/2020-04-12/oil-price-war-ends-with-historic-opec-deal-to-cut-production

Oil prices plunge more than 20% after OPEC deal failure sparks price war

Oil prices plunged after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.
— Read on www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html