The call to open the taps on oil production pulled the floor from under the market as Saudi Arabia slashed its selling prices and increased production after Russia refused to join its plan to further cut output and boost prices in early March.
The hit to producing countries revenue was harsh enough to bring OPEC and its non-OPEC allies — known as OPEC+ — back to the negotiating table. In April, they agreed to the largest production cuts in the world at 9.
7 million barrels per day. Those cuts have now beenUnited States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil rally and Saudi price spikes could hurt refiners, stifling market recoveryGoldman Sachs cited 'very poor refining margins and the recent sharp decline in U.S. crude bases' as supporting its 'bearish outlook.'
Read more »
Saudi Arabia's oil exports plunge $11 billion in first quarterThe value of Saudi Arabia's oil exports plunged by 21.9% year on year in the first quarter to $40 billion, corresponding to a decline of about $11 billion, official data showed on Sunday.
Read more »
Saudi coronavirus cases exceed 100,000The number of coronavirus cases in Saudi Arabia exceeded 100,000 on Sunday following a rise in new infections over the past ten days.
Read more »
Spain's supreme court investigates former king Juan Carlos on Saudi caseSpain's supreme court prosecutor has opened an investigation into former King Juan Carlos as part of a probe into a high-speed train contract in Saudi Arabia, the general prosecutor said in a statement on Monday.
Read more »
Saudi Arabia says there is 'no room whatsoever' for non-compliance over OPEC+ production cutsIt comes shortly after OPEC and non-OPEC allies agreed to extend their deepest round of production cuts in history.
Read more »
Saudi Arabia's Q1 oil-export revenue drops $11 billion as prices tank - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »