Oil-producing nations seek global deal to stabilize market

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 86%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Oil-producing countries, including those of the OPEC cartel and Russia, are trying to strike a global deal to pump less crude in a bid to limit a crash in prices. | AP

President Donald Trump has said that output could be cut by as much as 15 million barrels a day, or about 15% of global production, though experts say that is unlikely. Last week, President Vladimir Putin said he supported an overall cut of about 10 million barrels a day.OPEC-plus — and we are ready for cooperation with the United States of America on this issue,” Putin said.

The oil market was already oversupplied when Russia and OPEC failed to agree on output cuts in early March. Analysts say Russia refused to back even a moderate cut because it would have only served to help U.S. energy companies, which were pumping at full capacity. Stalling served to hurt American shale-oil producers and protect market share.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hopes of progress against COVID-19 lift world stocks; dollar, oil fall
Source: ABSCBNNews - 🏆 5. / 83 Read more »