By Alexander Bueso
Date: Thursday 09 Apr 2020
(Sharecast News) - Moscow and Riyadh have reached an agreement in principle to cut their crude oil output.
The cartel of oil producing plus allies Russia and Kazhakstan, known as OPEC+, started a two-day meeting to try and reduce their combined output, potentially alongside other countries such as Norway, Canada and the US by up to 10.0m barrels a day.
According to the Wall Street Journal, Saudi and the Russian Federation had both agreed to output cuts of 4.0m b/d and 2.0m b/d, respectively, from their April levels.
However, Iraq and other major oil producing nations also in OPEC+ were not yet on board with specific oil production curbs.
-- More to follow --
Special promo:
Trading the Forex Market? Visit FXmania.com to get advanced infomation about currencies and the Foreign Exchange
Market.
Email this article to a friend
or share it with one of these popular networks:
You are here: news