G20 energy ministers did not discuss specific production numbers at their extraordinary meeting, meaning the 10 million barrels per day production cut proposed by OPEC and its allies remains uncertain.
A record oil production cut hangs in the balance after energy ministers from the Group of 20 major economies on Friday agreed that stabilization in the market is needed, but stopped short of discussing specific production numbers.
"To underpin global economic recovery and to safeguard our energy markets, we commit to work together to develop collaborative policy responses," a press release said. "We recognize the commitment of some producers to stabilize energy markets. We acknowledge the importance of international cooperation in ensuring the resilience of energy systems."
Mexico's portion of the OPEC cut amounts to 400,000 bpd, which the country refused. Following Thursday's meeting, Mexico's Secretary of Energy Rocío Nahle said the country would be willing to take 100,000 bpd offline. U.S. Energy Secretary Brouillette reiterated this point on Friday, saying that about two million bpd of U.S. production would have been taken offline by the end of the year, with the number potentially as high as three million.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
IEA chief hopes G20 meeting will restore stability to oil marketsInternational Energy Agency Executive Director Fatih Birol said he hoped a G20 meeting on Friday would restore stability to oil markets, with oil prices having been hit hard by the coronavirus crisis and spats among oil-producing states.
Lire la suite »
U.S. Energy Secretary tells G20 all nations should help reduce oil surplusU.S. Energy Secretary Dan Brouillette on Friday described a dire situation in global energy markets, saying that the coronavirus pandemic and massive oil surplus have created a lethal combination.
Lire la suite »
Canada did not agree to specific production cuts in G20 meeting: ministerCanada and the G20 countries agree on the need for oil price stability, but in a Friday meeting Canada did not promise any specific production cuts, Natural Resources Minister Seamus O'Regan said on Friday.
Lire la suite »
Revisiting John Prine's Last Moment on RecordOn Swamp Dogg’s “Please Let Me Go Round Again,” the singers mumble warm memories to each other
Lire la suite »
U.S. weekly jobless claims seen hovering near record highsThe number of Americans seeking unemployment benefits in the last three weeks likely totaled a staggering 15 million as tough measures to control the novel coronavirus outbreak abruptly ground the country to halt, which would cement views the economy was in deep recession.
Lire la suite »
‘Songland’ Judges Face Season 2 Like They’re ‘Coming Off a Hit Record’“This is a total step up,” Ryan Tedder says of the impending return of “Songland” on NBC April 13. “It’s like ‘The Office’ Season 2 versus ‘The Offic…
Lire la suite »