[BAKU] Opec and allies led by Russia agreed on Sunday 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. Read more at The Business Times.
Opec+ said in a draft statement seen by Reuters it expected total global oil cuts to amount to more than 20 million bpd, or 20 per cent of global supply, effective May 1.
The sources said the International Energy Agency would announce purchases into stocks by its members on Monday to the tune of 3 million bpd in the next couple of months.Mr 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.
Mexican President Andres Manuel Lopez Obrador said on Friday that Mr Trump had offered to make extra US cuts on his behalf, an unusual offer by the US leader, who has long railed against Opec.
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