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OPEC+ agrees largest ever oil output cut of 9.7 million bpd - sources

Published 12/04/2020, 19:09
Updated 12/04/2020, 19:10
© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

LONDON (Reuters) - OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources said.

The group, known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May-June after a compromise with Mexico, two OPEC+ sources said.

Latest comments

Still not enough. It will open lower..
35mbpd over supply last 3 weeks, do you have storage for 25mpbd?
Positive opening with 4 to 5 $ gap up.
Agree.
Atleast will support price for timebeing.
It could push WTI crude to $28+. We’ll see at 11pm GMT.
How do you expect the markets to react Monday?
it will not balance so easily this production cut is not sufficient
was eagerly waiting for this, hope this will balance the oil markets
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