| Opec and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20 percent.
The biggest oil cut ever is more than four times deeper than the previous record cut in 2008. Producers will slowly relax curbs after June, although reductions in production will stay in place until April 2022. Oil demand has dropped by around a third because of the coronavirus pandemic. Oil prices jumped more than US$1 a barrel in Monday trading after the agreement, but gains were capped amid concern that it would not be enough to head off oversupply with the coronavirus pandemic hammering demand.
The IEA said it would provide an update on Wednesday when it releases its monthly report. The United States, India, Japan and South Korea have said they could buy oil to replenish reserves.Trump had threatened Opec leader Saudi Arabia with oil tariffs and other measures if it did not fix the market's oversupply problem as low prices have put the US oil industry, the world's largest, in severe distress.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opec, Russia approve biggest-ever oil cut to support prices amid Covid-19 pandemic | Malay MailBAKU, April 13 ― Opec and allies led by Russia agreed yesterday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20 per cent. Measures to slow...
Source: malaymail - 🏆 1. / 86 Read more »
Norway says still willing to cut oil output if Opec+ plan implemented | Malay MailOSLO, April 11 — Norway, Western Europe’s largest oil producer, said today the country was still considering cutting oil production if the Opec+ group implemented its plan. “How any potential output cut will be carried out by Norway, and the size of it, we will have to come back to,”...
Source: malaymail - 🏆 1. / 86 Read more »
Opec+ may proceed with 10mbpd oil supply cut from May 1, says OCBC Bank | Malay MailKUALA LUMPUR, April 10 — Opec+ is likely to proceed with the 10 million barrels per day (mbpd) supply cuts beginning May 1, which will be gradually reduced across 12 months, said an economist. OCBC Bank economist Howie Lee said the group member countries have agreed to an output reduction of 10...
Source: malaymail - 🏆 1. / 86 Read more »
Opec+ deal could boost oil prices but oversupply remainsWorldwide fuel consumption is down 30% from coronavirus effects. FMTNews OilPrices Opec
Source: fmtoday - 🏆 5. / 72 Read more »
Commodity currencies slip as Opec+ output cuts provide little cheer | Malay MailTOKYO, April 13 ― Commodity currencies slipped against safe-haven units such as the dollar and yen today as a record output cut agreed by Opec and other oil producing nations failed to offset broader concerns about global demand for resources. The greenback drifted higher against its Australian...
Source: malaymail - 🏆 1. / 86 Read more »
Oil futures little changed despite record output cut by Opec+ | Malay MailNEW YORK, April 13 ― Oil futures were little changed yesterday even after major oil producers reached a deal for a record 10 million bpd output cut, with analysts saying the agreement is insufficient to head off oversupply as the coronavirus hammers demand. Total global oil supply cuts could come...
Source: malaymail - 🏆 1. / 86 Read more »