In early trade Brent crude futures rose 6 cents to US$31.54 a barrel by 2211 GMT. — Reuters pic
“If G20 adds about another 10 mln bpd, then the world is meeting the total imbalance from May and this would be a massive relief,” Rystad Energy said. “Still storage will be filled to nearly the top in April, but the market will stabilize.” Leaders of the world's top three oil producers, Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, all supported the Opec+ deal to cut global crude output, the Kremlin said on Sunday.Saudi Arabia, Kuwait and the UAE volunteered to make cuts even deeper than those agreed, which would effectively bring the Opec+ supply down by 12.5 million bpd from current supply levels, the Saudi energy minister said.
On Thursday, Opec+ outlined plans to cut output by more than a fifth, or by 10 million barrels per day , but Mexico balked at the production cuts it was asked to make, delaying the signing of a final deal. The group met on Sunday to hammer out a deal.
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