BREAKING: Saudi state TV is reporting that a deal before OPEC and other oil-producing countries involves a 10 million barrel per day cut to July 1, then an 8 million barrel per day cut through end of year.
FILE - In this Thursday, Aug. 31, 2017, file photo, a flame burns at the Shell Deer Park oil refinery in Deer Park, Texas. Oil prices are plunging Sunday, March 8, 2020, amid worries that an OPEC dispute will lead a virus-weakened economy to be awash in an oversupply of crude.
DUBAI, United Arab Emirates — A proposed reduction in oil production by OPEC and other oil-producing countries involves a 10 million barrels per day cut until July, then an 8 million barrels per day cut through the end of the year, Saudi Arabia said Friday as the deal hung in the balance. Saudi state television alerted terms of the deal Friday, which also called for a 6 million barrel per day cut for 16 months beginning in 2021.U.S. President Donald Trump earlier said he spoke with Russian President Vladimir Putin and King Salman of Saudi Arabia about the negotiations.
“There’s so much production nobody even knows what to do with it, that’s how it’s working,” he added.
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.
Factbox: OPEC+ talks face challenges over baseline for cuts and U.S. roleOPEC and its allies hold talks on Thursday to discuss plans for the biggest coordinated oil output cut in history but two hurdles remain: reaching a deal on the levels from which to make reductions and securing the participation of the United States.
Lire la suite »
Oil prices rise on hopes OPEC+ will agree supply cutsOil prices rose on Thursday on expectations the world's leading crude producers will overcome obstacles at a meeting later in the day that have so far prevented a deal to cut output in response to a collapse in global demand.
Lire la suite »
Oil jumps ahead of 'make-or-break' OPEC meeting“We’re optimistic that they’ll reach an agreement between the Saudis and Russians in an effort to stabilize the markets,” Energy Sec. Dan Brouillette says, ahead of today’s key OPEC+ meeting.
Lire la suite »
U.S. crude futures up 5% ahead of OPEC+ meetingU.S. crude futures rose as much as 6% in early trade on Thursday on expectations the world's largest oil producers would agree to cut production at a meeting later in the day as global oil demand has collapsed amid the coronavirus pandemic.
Lire la suite »
OPEC and allies to decide on historic oil production cut as coronavirus ravages demandA simmering feud between Saudi Arabia and Russia is thought to be one of many possible complications to an unprecedented production cut.
Lire la suite »
Oil prices jump on hopes for OPEC, Russia meeting on output cutsOil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Lire la suite »