Opec, Russia and other oil producers make draft deal to cut output [View all]

[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.
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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'.