OPEC and allied nations agree to extend a production cut of nearly 10 million barrels of oil a day through the end of July amid coronavirus-induced economic crisis
A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020.
“Despite the progress to date, we cannot afford to rest on our laurels,” Arkab said. “The challenges we face remain daunting.” The decision came in a unanimous vote, Energy Minister Suhail al Mazrouei of the United Arab Emirates wrote on Twitter. He called it “a courageous decision.” Jaffe said improved oil demand in China and Asia and a gradual stabilisation of demand in the United States and to some extent Europe, where there's some cautious economic reopening, were encouraging for producers.OPEC has 13 member states and is largely dominated by oil-rich Saudi Arabia.
At the time, President Donald Trump said the US would help take on some of the cuts that Mexico was unwilling to make. And perhaps more importantly, a group of US senators upset over the impact on US shale production said at the time that they had drafted legislation which would remove American forces, including Patriot Missile batteries, from Saudi Arabia.
“If the demand is great, countries like Russia will want to produce more oil, so they probably won’t want to get locked into a longer-term deal that may not help them,” said Jacques Rousseau, managing director at Clearview Energy Partners.
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