Home 2020 OPEC and Allies Agree to Extend Cut Production Cut Thru July

OPEC and Allies Agree to Extend Cut Production Cut Thru July

39
0

$OIL $USO

OPEC and allied nations to extend cut production of 9.7-M BPD through end of July to boost prices.

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the C-19 coronavirus chaos. It represents 10% of the world’s overall supply.

The decision came in a unanimous vote, UAE Energy Minister Suhail al-Mazrouei Tweeted. He called it a “a courageous decision and a collective effort deserving praise from all participating producing countries.”

Crude Oil prices have been gaining in part on hopes OPEC would continue the cut.

International benchmark Brent Crude Oil traded Saturday over 42bbl a Brent crashed below 20bbl in April.

US WTI Crude Oil futures rose 2.14, or 5.7%, at 39.55bbl, + 10.7% on the week.

Both benchmarks marked a 6th wk of gainers, lifted by the output cuts and signs of improving fuel demand as countries eased C-19 chaos lockdowns.

Have a healthy weekend, Keep the Faith!

Previous articlePent Up Consumer Demand will Help Drive the US Economy in 2-H of this Year
Next articleUSD’s Silent Decline Helps Fuel Strong Rally in Stocks
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.