ZCZC
BCN-06
US-ECONOMY-OIL-DIPLOMACY
Trump says OPEC+ planning to cut production 20 mn bpd
WASHINGTON, April 13, 2020 (BSS/AFP) – Top global oil producers are
considering cutting production by 20 million barrels per day under the
terms of a deal to boost prices, US President Donald Trump said on
Monday.
Trump, who took credit for brokering the deal, said the agreement
was bigger than expected and will help the energy industry recover
from the impact of the coronavirus pandemic.
“Having been involved in the negotiations, to put it mildly, the
number that OPEC+ is looking to cut is 20 Million Barrels a day, not
the 10 Million that is generally being reported,” Trump tweeted.
“Thank you to all of those who worked with me on getting this very
big business back on track, in particular Russia and Saudi Arabia.”
Oil prices have been hammered by a slump in global economic activity
caused by the pandemic, as well as a price war between Saudi Arabia
and Russia.
Top producers have been inching towards a deal for days, with an
agreement announced on Friday and Trump saying he would help Mexico,
which had resisted cutting production, meet its end of the deal.
OPEC producers dominated by Saudi Arabia and allies led by Russia
again met by videoconference on Sunday to cement the agreement.
Oil prices rose in Asian trading Monday but slipped back as markets
closed, with traders fearing that the deal wouldn’t cut production
enough to support prices and make up for lost demand.
BSS/AFP/MRU/2033hrs