BREAKING: OPEC, allied nations agree to extend cut of nearly 10 million barrels of oil a day through end of July to boost prices.
FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak. As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current OPEC president, warned attendees that the global oil inventory would soar to 1.5 billion barrels by the mid-point of this year.“Despite the progress to date, we cannot afford to rest on our laurels,” Arkab said. “The challenges we face remain daunting.”
OPEC has 13 member states and is largely dominated by oil-rich Saudi Arabia. The additional countries part of the plus-accord have been led by Russia, with Mexico under President Andrés Manuel López Obrador playing a considerable role at the last minute in the initial agreement. Russia’s move enraged Saudi Arabia, which not only said it would not cut production on its own but that it would increase output instead and reduce its selling prices in what became effectively a global pricing war.
However, some countries produced beyond their quotas set by the deal. One of them was Iraq, which remains decimated after the yearslong war against the Islamic State group.
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