Saudi and Russia have agreed to cut oil by 20 million per barrel after today’s Petroleum Export Countries virtual meeting.
Reuters, which cited two sources, stated that the cuts could reportedly be as high as 20 million barrels per day. But details like how the cuts would be divided and how long it would be in place remained unknown.
Earlier on Thursday that there would be a virtual meeting, which started around 10:45 am ET, between OPEC and its allies, known as OPEC+. Some of the world’s largest producers were set to discuss historic production cuts as the Coronavirus pandemic saps demand for crude oil.
Meanwhile, the U.S. WTI climbed up by 12% to trade at $28.36 per barrel, while Brent crude surged 8.5% to trade at $35.79 per barrel as at the time of this report on Thursday.
Details later …
