Oil climbs more than $1/barrel as OPEC, allied producers agree record output cut

Brasil Notícia Notícia

Oil climbs more than $1/barrel as OPEC, allied producers agree record output cut
Brasil Últimas Notícias,Brasil Manchetes
  • 📰 Reuters
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

OPEC+ deal could boost oil prices, but oversupply remains

SINGAPORE/NEW YORK - Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.

Total global oil supply cuts could come to 20 million barrels per day, around 20% of global supply, Kuwait’s oil minister said. “This restrains the build-up of inventories, which will reduce the pressure on prices when normality returns – whenever that is.” “After an initial positive reaction in oil prices, we expect the OPEC+ decision at best to establish a floor under the market,” BNP Paribas’ Harry Tchilinguirian said in a note, adding that oil price gains could also be capped by hedges from producers.

OPEC+ has also said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut a further 5% or 5 million bpd.

Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

Reuters /  🏆 2. in US

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Oil prices are flat after OPEC and allies agree to historic production cutOil prices are flat after OPEC and allies agree to historic production cutOil prices were flat in overnight trading after OPEC and its allies agreed to a historic deal to cut production by a record 9.7 million barrels per day.
Consulte Mais informação »

OPEC, oil nations agree to nearly 10 million barrel cutOPEC, oil nations agree to nearly 10 million barrel cutOPEC, Russia and other oil-producing nations finalized an unprecedented production cut of nearly 10 million barrels in hopes of boosting crashing prices
Consulte Mais informação »

As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In OutputAs Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In OutputSaudi Arabia and Russia have reached a deal with other oil-producing nations to cut output by a record-setting 9.7 million barrels a day. But analysts say it will likely be dwarfed by the size of pandemic-driven demand loss.
Consulte Mais informação »

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemicOPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemicOPEC 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%.
Consulte Mais informação »

OPEC+ reaches deal to cut oil production by 9.7 million barrels per dayOPEC+ reaches deal to cut oil production by 9.7 million barrels per dayIn an emergency virtual meeting Sunday, OPEC+ arrived at a deal to slash oil production by 9.7 million barrels a day starting May 1, a senior OPEC source tells CNN. The cuts will remain in place through June, the source said.
Consulte Mais informação »



Render Time: 2025-03-06 06:23:38