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SINGAPORE/LONDON: The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.
LONDON: The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a tenth, putting an end to the devastating price war that brought the energy industry to its knees.
DUBAI/MOSCOW, April 4 (Reuters) - OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9, OPEC sources said on Saturday, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified.
RIYADH: Leaders of the Group of 20 major economies pledged on Thursday to inject US$5 trillion (4.1 trillion pounds) in fiscal spending into the global economy to blunt the economic impact of the coronavirus and "do whatever it takes to overcome the pandemic."
NEW YORK:Oil prices jumped over 8% on Tuesday, bouncing from the biggest rout in nearly 30 years a day earlier, as the possibility of economic stimulus encouraged buying and U.S. producers slashed spending in a move that could cut output.
DUBAI: Saudi Arabia plans to increase oil output next month, going well above 10 million barrels a day, as the kingdom responds aggressively to the collapse of its Ooec+ alliance with Russia.
MOSCOW: At 10:16 am on a wet and dreary Friday morning, Russia’s energy minister walked into Opec’s headquarters in central Vienna knowing his boss was ready to turn the global oil market upside down.
VIENNA: Opec+ found itself stuck yet again, after a day of talks ended with its two most important members split over whether they should deepen production cuts to offset the huge demand hit from the coronavirus epidemic.
RIYADH: Opec hasn’t made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said.