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Mexico's energy minister says oil producers agreed to cut output by 9.7 mln bpd from May

Mexico's Energy Minister Rocio Nahle said on Sunday oil producers unanimously agreed to cut output by 9.7 million barrels per day from May at OPEC+ talks and thanked OPEC members for their support in reaching the deal.



4 years ago

OPEC+ agrees largest ever oil output cut of 9.7 million bpd: sources

OPEC, Russia and other oil producing nations agreed on Sunday to cut output by a record amount, representing around 10% of global supply, to support oil prices amid the coronavirus pandemic, sources said.



4 years ago

Kazakhstan confirms global deal to cut oil output by 9.7 million bpd

Kazakhastan's Energy Ministry said on Sunday it confirmed reports that the OPEC+ group of countries had agreed to cut the global oil output by 9.7 million barrels per day for two months starting on May 1.



4 years ago

EU's Vestager says EU nations should buy stakes to block Chinese takeovers: FT

The European Union's competition chief told the Financial Times that member countries should buy stakes in companies to counter the threat of Chinese takeovers, with her comments coming as the EU formulates plans to protect its businesses amid the coronavirus outbreak.



4 years ago

Mexico to cut oil output by 100,000 bpd from May: officials

Mexico will reduce its oil output by 100,000 barrels per day (bpd) from May after top oil producers collectively agreed to cut production by 9.7 million barrels per day at OPEC+ talks, Mexican officials said on Sunday.



4 years ago

UAE committed to reducing oil production from its current 4.1 million bpd: Energy minister

The United Arab Emirates is committed to reducing oil production from its current level of 4.1 million barrels per day (MBOPD), energy minister Suhail Al Mazrouei said in a tweet on Sunday.



4 years ago

Kremlin says leaders of Russia, U.S., Saudi Arabia support OPEC+ oil deal

Russian President Vladimir Putin, U.S. President Donald Trump and Saudi Arabia's King Salman all supported the OPEC+ deal to cut global crude output, the Kremlin said on Sunday.



4 years ago

Canada welcomes oil cut deal, says it is committed to achieving price certainty

Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.



4 years ago

OPEC+ deal could boost oil prices, but oversupply remains

An oil producer deal to make record output cuts will lend some support this week to oil prices that have lost half their value this year as the coronavirus hammers demand.



4 years ago

Saudi Arabia, Russia, U.S. welcome outcome of OPEC+ meeting: SPA

Saudi Arabia's king Salman, Russia's president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on late Sunday.



4 years ago

Oil agreement could support stocks, providing a floor

An agreement by oil producing nations to cut output by a record amount may sustain a recent bounce in stocks, though stay-at-home restrictions and closures tied to the coronavirus pandemic continue to weigh on the global economy.



4 years ago

Saudi energy minister says OPEC+ effective oil cuts are 12.5 million bpd

The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait.



4 years ago

Trump says 'great' OPEC+ deal will save U.S. jobs

U.S. President Donald Trump on Sunday praised a deal among the world's top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry.



4 years ago

Kuwait says its effective oil cut is above 1 million bpd: oil minister

Kuwait's oil minister said on Sunday that his country would be cutting more than 1 million barrels per day in actual oil supply, taking into consideration its current April production of around 3.25 million bpd.



4 years ago

Oil, equities slip as OPEC+ cut fails to lift confidence

Oil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook.



4 years ago