OPEC and other major oil producers on Thursday said they would cut output by 10 million barrels per day for two months in the face of a huge fall in demand due to the coronavirus crisis.
FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant
The Organization of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, agreed Thursday to cut production by 10 million barrels per day, starting May 1. The group will then ease the cuts to 8 million bpd until the end of the year, and then 6 million bpd in January.
Analysts say that, despite the sweeping nature of the cuts, they will not be enough to rebalance the market. The group of producers did not say they required cutbacks from other producers as a condition for implementing the cuts.John Kilduff, managing partner: “OPEC+ seems to disappoint the market more often than not. ... They needed to move mountains here and they maybe moved a hill.
Compiled by Ron Bousso and Jessica Resnick-Ault; Additional reporting by Devika Krishna Kumar, Jennifer Hiller and Laila Kearney; Editing by Marguerita Choy and Lisa Shumaker
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