OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.
Oil futures little changed despite record output cut by OPEC+
Oil futures were little changed on Sunday even after major oil producers reached a deal for a record 10 million-bpd output cut, with analysts saying the agreement was insufficient to head off oversupply as the coronavirus pandemic hammers demand.
Iraqi oil minister says big oil cut deal will help to stabilize oil market
Iraq’s oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.
Virgin Galactic to run as a critical infrastructure business during pandemic
Billionaire Richard Branson’s space tourism company Virgin Galactic Holdings Inc will keep running as a critical infrastructure business, even as many U.S. states in which it operates have mandated business closures during the coronavirus outbreak.
Canada welcomes oil cut deal, says it is committed to achieving price certainty
Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.
Saudi Arabia, Russia, U.S. welcome outcome of OPEC+ meeting: SPA
Saudi Arabia’s king Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on late Sunday.
Saudi energy minister says OPEC+ effective oil cuts are 12.5 million bpd
The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwai…
Oil agreement could support stocks, providing a floor
An agreement by oil-producing nations on Sunday to cut output by a record amount may sustain a recent bounce in stocks, although stay-at-home restrictions and closures tied to the coronavirus pandemic still weigh on the global economy.
Trump says ‘great’ OPEC+ deal will save U.S. jobs
U.S. President Donald Trump on Sunday praised a deal among the world’s top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry.
Mexico to cut oil output by 100,000 bpd from May: officials
Mexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican officials said on Sunday.
