Anonymous ID: 5ab2d0 April 13, 2020, 7:59 a.m. No.8778006   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

Saudi energy minister says effective global oil cuts above 19 million bpd

 

Saudi Arabiaโ€™s energy minister said on Monday that effective global oil supply cuts would amount to around 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC+, pledges by other G20 nations and oil purchases into reserves. OPEC and allies led by Russia, a group known as OPEC+, 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%.

 

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.

 

OPEC+ said it had agreed to reduce output by 9.7 million bpd for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the oil price decline.

 

Prince Abdulaziz bin Salman told reporters via a conference call that G20 nations outside the OPEC+ alliance had pledged to cut about 3.7 million bpd of oil supply, while oil purchases into reserves (SPRs) were seen at 200 million barrels over the next couple of months, according to the IEA.

 

Prince Abdulaziz also said the kingdom could cut oil output below its current quota of 8.5 million bpd if there was a need by the market over the coming months and if any reductions were done collectively with other producers on a pro-rata basis.

 

OPEC+ meets next in June via teleconference to decide on output policy.

https://www.reuters.com/article/us-global-oil-saudi/saudi-energy-minister-says-effective-global-oil-cuts-above-19-million-bpd-idUSKCN21V1B8

Anonymous ID: 5ab2d0 April 13, 2020, 8:03 a.m. No.8778026   ๐Ÿ—„๏ธ.is ๐Ÿ”—kun

>>8778008

doin' well. I'll take some of the heat here but only a little. supposed to be 80 later in week they say. went out last week with doggo and the map saidno rain for 2 hrs. got soaked-I don't care but doggo a wimp.