The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic; cut unprecedented deal
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic; unprecedented deal made with oil producing nations
Russia and Saudi Arabia agree to extend OPEC deal aimed at curbing oil production for six to nine months
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil output, said Russian President Vladimir Putin. Saudi Energy Minister Khalid al-Falih said on Sunday that the deal would most likely be extended by nine months and no deeper reductions were needed. The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on 1 and 2 July to discuss the deal, which involves curbing oil output by 1.2 million barrels per day.
Power struggle in Venezuela could hit oil market, says Saudi Arabia; Latin American nation sits on world's largest crude reserves
The crisis in OPEC member Venezuela, where the president is locked in a power struggle with the opposition, could impact the oil market, the Saudi energy minister said on Monday.