• Oil prices slide as OPEC+ closes in on record production cut deal

    1 month ago - By RT

    Following a brief surge, crude prices slumped again on Thursday, while OPEC and major producers led by Russia are still discussing a new output cut deal, expected to be a record one.
    The prices surged by some 12 percent on reports that Russia and Saudi Arabia managed to agree on new production cuts.
    The growth, however, was short lived and the prices fell back some ten percent later in the day, as it emerged that no agreement between the Organization of the Petroleum Exporting Countries and non-cartel countries has been achieved.
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  • Oil slumps, investors say OPEC supply cuts won't be enough

    Oil slumps, investors say OPEC supply cuts won't be enough

    1 month ago - By Reuters

    Oil prices slumped on Thursday, giving back an earlier 10% surge as investors doubted the emerging supply-cut agreement between members of OPEC and its allies would adequately address the global fuel demand collapse caused by the coronavirus pandemic.
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  • Oil Slumps As 10 Million Bpd OPEC+ Output Reduction Fudge Fails To Impress

    1 month ago - By Forbes

    Faced with dire demand scenarios for Q2 2020, Russia, Saudi Arabia and OPEC+ allies agree to reduce production but fail to impress market ahead of G20 Energy Ministers' meeting.
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  • Oil slumps on disappointment with OPEC supply deal

    1 month ago - By Reuters

    Oil prices slumped on Thursday, giving back an earlier 10% surge as investors reacted negatively to the emerging supply-cut agreement between members of OPEC and its allies in response to the global fuel demand collapse due to the coronavirus pandemic.
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  • Instant View: OPEC+ potential cuts won't be enough to halt oil collapse - analysts

    1 month ago - By Reuters

    OPEC and other major oil producers on Thursday discussed potential big output cuts in the face of a huge fall in demand due to the coronavirus crisis.
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  • Oil gives up gains even as OPEC+ hammers out supply-cut deal

    1 month ago - By Reuters

    Oil prices dipped on Thursday, giving back an earlier 10% surge as investors awaited details on a massive OPEC supply-cut agreement in response to the global fuel demand collapse due to the coronavirus pandemic.
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  • A steep production cut won't reverse the oil price meltdown as demand for fuel reaches historic lows, Goldman Sachs says

    A steep production cut won't reverse the oil price meltdown as demand for fuel reaches historic lows, Goldman Sachs says

    1 month ago - By Business Insider

    A coalition of oil-producing countries known as OPEC Plus met Thursday to discuss paring back production as demand collapses in the wake of the coronavirus pandemic.
    The group outlined a deal to cut production by 10 million barrels per day in an effort to buoy the price of oil.
    But even a cut on that scale - amounting to 10% of global supply - won't be enough to reverse the downward trend in prices, Goldman Sachs said in a report published Thursday morning.
    The bank expects "a gradual recovery" in Brent prices, reaching $40 per barrel by no earlier than October, at which point it says...
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  • Saudi, Russia closing in on record oil cut deal

    1 month ago - By Reuters

    OPEC and it allies held talks on Thursday on record oil output curbs of 15 million to 20 million barrels per day , or 15% to 20% of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources said.
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  • Report: Saudi Arabia And Russia Agree On Oil Production Cuts ‘In Principle,' Oil Falls As Traders Await Details

    1 month ago - By Forbes

    Other members of the OPEC+ group have not yet agreed on cuts.
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  • Russia, Saudi Arabia overcome differences holding up big oil cut deal: Dmitriev

    1 month ago - By Reuters

    Russia and Saudi Arabia have overcome differences that had presented potential hurdles to a plan for major oil output cuts aimed at shoring up crude prices hammered by the coranavirus crisis, the head of Russia's wealth fund said on Thursday.
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  • Global stocks jump on Fed stimulus, oil pulls back from earlier surge

    1 month ago - By Reuters

    Global equity benchmarks moved higher on Thursday following signs of some success by governments and central banks which have taken additional steps to bolster their economies during the COVID-19 pandemic, while oil prices pulled back from an earlier surge.
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  • Oil rises 4% as OPEC+ works on output cut deal

    1 month ago - By Reuters

    Oil prices gained nearly 4% on Thursday, but pulled back from an earlier surge as investors waited for details on negotiations between top producers hammering out an agreement for record supply cuts in response to the global fuel demand collapse due to the coronavirus pandemic.
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  • OPEC+ works on two-year oil cut deal, implemented gradually: sources

    1 month ago - By Reuters

    OPEC and its allies, a group known as OPEC+, are discussing plans to cut oil production for at least two years with reductions implemented gradually, two OPEC+ sources said on Thursday.
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  • Oil surges as Saudi Arabia and Russia end price war by agreeing on production cuts

    Oil surges as Saudi Arabia and Russia end price war by agreeing on production cuts

    1 month ago - By Business Insider

    Saudi Arabia, Russia, and the OPEC+ coalition agreed on Thursday to slash crude oil production, a move that's expected to boost prices.
    The agreement puts an end to an oil-price war that's raged for weeks as the Saudis and Russians signaled production increases, diluting the resource's price-per-barrel.
    US West Texas Intermediate crude rose as much as 12% on the news, while Brent crude gained 11% at intraday highs.
    Watch oil trade live on Markets Insider .
    Oil surged as much as 12% on Thursday as Saudi Arabia, Russia, and the OPEC+ coalition agreed to slash crude oil production, a move...
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  • Oil prices pare earlier gains as OPEC+ works on output cut deal

    1 month ago - By Reuters

    Oil prices were up almost 2% on Thursday, pulling back from an earlier surge as OPEC and other crude producers work on a deal to drastically cut output in response to a collapse in global demand from the coronavirus.
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