Sunday, President Trump lauded a deal among the world’s Top Crude Oil producers to cut global petroleum output, saying it will save jobs in the US energy industry.
“This will save hundreds of thousands of energy jobs in the United States,” President Trump said, adding that he thanked and congratulated Russian President Vladimir Putin and Saudi Arabia’s King Salman.
OPEC, Russia + other Crude Oil-producing nations Sunday finalized an unprecedented production cut of nearly 10-M BPD, or a 10% of global supply, in order to boost prices due to the coronavirus pandemic and a price war.
OPEC+ agreed to allow Mexico to cut only 100,000 barrels a month, a sticking point for an accord initially reached Friday after a video conference between 23 nations. They reached the deal just hours before Asian markets reopen Monday as international benchmark Brent Crude Oil traded at just over 31bbl.
Mexico’s energy minister said on Twitter that the group of nations agreed to cut 9.7-M BPD to begin on 1 May. Energy officials from other countries shared confirmed the information.
Video aired by the Saudi-owned satellite channel Al-Arabiya showed the moment that Saudi Energy Minister Prince Abdulaziz bin Salman consented to the deal.
“I go with the consent, so I agree,” the Prince said drawing a round of applause from those on the video conference call.
The worst is avoided for now.
Have a healthy week, stay home, Keep the Faith!