Skip to comments.OPEC, allies agree to cut oil output by record amount
Posted on 04/12/2020 5:29:39 PM PDT by bitt
OPEC, Russia and other oil-producing countries, collectively known as OPEC+, have reached a tentative deal to cut oil output by 9.7 million barrels a day due to the coronavirus pandemic.
Talks between the countries had hit a last-minute hurdle last week when Mexican President Andrés Manuel López Obrador appeared reluctant to cut his country's production levels. But Mexico's energy secretary confirmed Sunday that a deal had been reached.
President Trump confirmed Sunday that a deal had been reached. The countries delegations are set to hold an emergency meeting Sunday evening to finalize talks, Azerbaijans energy minister said, telling CNBC the meeting will be chaired by the Russian and Saudi energy ministers.
The agreement falls just below the initial proposal of 10 million barrels cut per day, with the U.S., Brazil and Canada contributing another 3.7 million barrels, Bloomberg reported. OPEC representatives were still waiting to hear back from other Group of 20 members as of Sunday afternoon. Mexico will only be required to cut 100,000 barrels, according to the outlet.
(Excerpt) Read more at thehill.com ...
Gas up tomorrow gang.
That agreement will not last the week.
“That agreement will not last the week.”
The OPEC countries have ALWAYS cheated on each other. I don’t know why everybody didn’t agree and then pump whatever they wanted, as they have in the past. I’m guessing there was too much testosterone at the bargaining table.
Jump on that futures market tomorrow boys. Should gap up big time at open.
Someone will cheat and then they will all cheat.
Futures up about 5%.
I’m thinking we’ll still have cheap gas.
Yep. Oil inventories are too high.
OPEC, Russia and other oil-producing countries, collectively known as OPEC+, have reached a tentative deal... Talks between the countries had hit a last-minute hurdle last week when Mexican President Andres Manuel Lopez Obrador appeared reluctant to cut his country's production levels... Mexico will only be required to cut 100,000 barrels
“Gas up tomorrow gang.”
We are averaging about 12 miles per week or about 2 gallons a month.
“Jump on that futures market tomorrow boys. Should gap up big time at open.”
Futures are open now.
Lol, yeah I almost forgot we are under house arrest.
My wife found a rural county 45 miles away that had only 2 CV cases so we drove there to the WM and Aldi’s.
“Lol, yeah I almost forgot we are under house arrest.”
Took the wife’s SUV shopping last week. Will fire up my beast this week.
Forgot about electronic trading tonight on CL ... hit session low just before 19:00 and now is trading up 1.33. That’s $1,330 of profit for one contract and it is still rising.
Yeah, just check - wasn’t sure given Easter. The pit opens tomorrow at 9. Electronic is going full bore.
Gonna bump the market.
I’m glad I got cheap heating oil last week.
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