BREAKING NEWS | OPEC+ Confirms Agreement On Cuts Of 10 Million Bpd In May, June

BUCHAREST | ROMANIA – OPEC and allied oil producers, a group known as OPEC+, agreed on Thursday to cut output by 10 million barrels per day (bpd) in May and June to help prop up prices battered the coronavirus crisis, the group said in a statement. It said the cuts would be eased between July … Continue reading BREAKING NEWS | OPEC+ Confirms Agreement On Cuts Of 10 Million Bpd In May, June

BUSINESS | Trump Administration Official Says U.S. Welcomes Reports Of OPEC+ Oil Cut Deal

BUCHAREST | ROMANIA – The United States welcomed on Thursday reports that OPEC and its allies agreed in principal to reduce oil production by 10 million barrels per day (bpd), a senior Trump administration official said on Thursday. ‘These commitments would send an important signal that all major oil producing states will respond in an … Continue reading BUSINESS | Trump Administration Official Says U.S. Welcomes Reports Of OPEC+ Oil Cut Deal

BUSINES NEWS | Russia, Saudi Arabia Overcome Difference Holding Up Big Oil Cut Deal: Dimitriev

BUCHAREST | ROMANIA – Russia and Saudi Arabia have overcome difference that had presented potential hurdles to a plan for major oil output cuts aimed at shoring up crude prices hammered by the coronavirus crisis, the head Russia’s wealth fund said on Thursday. Krill Dmitries, who is also one of Moscow’s top oil negotiators, told … Continue reading BUSINES NEWS | Russia, Saudi Arabia Overcome Difference Holding Up Big Oil Cut Deal: Dimitriev

BUSINES NEWS | Russia’s Novak Calls On All Oil Producers To Join Efforts

BUCHAREST | ROMANIA – Russian Energy Minister Alexander Novak said on Thursday that  all the leading global oil producers should join their efforts to tackle telling oil demand. Speaking at the start of the online conference of the OPEC+ group, Novak also said global economic activity had declined, while oil demand fell by 10-15 million … Continue reading BUSINES NEWS | Russia’s Novak Calls On All Oil Producers To Join Efforts

BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

Oil Refinery, Chemical & Petrochemical plant abstract at night. LONDON – OPEC and its allies, a group known as OPEC+, are discussing plans to cut oil production for at least two years with reductions implemented gradually, two OPEC+ sources said on Thursday. The group has previously said it wanted the United States, one the top … Continue reading BUSINES NEWS | OPEC+ Works On Two-Year Oil Cut Deal, Implemented Gradually: Sources

BUSINESS | OPEC+ Considers Oil Cuts Above 12 Million Bpd, Wants 5 Million Bpd From Others – Source

RIYADH | SAUDI ARABIA – OPEC, Russia and other allied producers, a grouping known as OPEC+, are considering cutting their oil output by more than 12 million barrels per day (bpd) and want other producers to contribute cuts of 5 million bpd, an OPEC+ source said on Thursday.

BUSINESS | Saudi Arabia Ready To Cut Up To 4 Million Bpd From Record April Output: Source

RIYADH | SAUDI ARABIA – Saudi Arabia is ready to cut up to 4 million barrels per day (bpd) of its production but only from its record output levels of 12.3 million pbd achieved in April, a source briefed on the kingdom’s oil policy said on Thursday. OPEC and other producers meet on Thursday to … Continue reading BUSINESS | Saudi Arabia Ready To Cut Up To 4 Million Bpd From Record April Output: Source