Opec, Russia and other oil producers make draft deal to cut output

[muriel_volestrangler]

Source: The Guardian/Reuters

Opec countries and allies led by Russia have agreed in principle to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered in the coronavirus crisis.

But there was some confusion after Mexico apparently refused to sign up to its share of cuts under the deal, which would have been 400,000 barrels per day. The Mexican energy minister Rocio Nahle Garcia tweeted that her country had suggested a cut of 100,000 barrels.

The cuts by the oil cartel plus its allies, a group known as Opec+, amount to 10m barrels per day (bpd), or 10% of global supplies. Reductions of 5m bpd are expected to come from other nations to help navigate the deepest oil crisis in decades.
...
An unprecedented 15m bpd cut still would not remove enough crude to stop the world’s storage facilities quickly filling up. And far from signalling any readiness to offer support, the US president, Donald Trump, has threatened Opec with sanctions if it does not fix the oil market’s problem of oversupply.



Read more: https://www.theguardian.com/business/2020/apr/10/opec-russia-reduce-oil-production-prop-up-prices

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'Trump' and 'threaten' could be the new 'noun, verb and 9/11'.

[msongs]

1. so trump cheats americans out of lower priced oil and gas. way to go trashbag nt

[gab13by13]

2. Just a guess,

quid pro quo again; Trump threatened to remove our troops from Saudi Arabia, and Putin wants Trump to win the election. Trump will once again brag about his deal making having other countries cut production while the US keeps on pumping.

Don't know if the market is open on Good Friday, but it should soar once again. Not to mention Trump is going to give Big Oil a bail out.

[marble falls]

3. Like we haven't heard that one before.

[bucolic_frolic]

4. A glut is a glut

Staving off financial problems by cutting output is an art for sure. Good luck.

[Bayard]

5. Poor little oil producers!

They are being hit SO hard. So, lets make people who are already scraping the bottom of the barrel financially, pay more for gas.

But then again, we're not going anywhere.

[NCjack]

6. I have already cut my car driving. Two can play this game.

[House of Roberts]

7. Output is limited by storage capacity.

Tankers are offshore all over the world with no place to offload.

Likewise, refined product can't move either, unless there's a place to keep it.

[safeinOhio]

8. At least a 40% cut in use going on.

Good luck guys.

[Firestorm49]

9. Gotta get those gas prices back up again.

Says the president who, before he was elected, criticized Obama on the of gas and said that if he were president, he’d get them down in ONE WEEK.

[Steelrolled]

10. It's odd how low oil prices can harm the stock market

You'd think there would be more winners than losers.