Tag Archives: Bloomberg News Agency

The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago. On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep enough — …

Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market. That perhaps explains why the de-facto leader of OPEC slashed its official selling prices …

Vladimir Putin’s deal with OPEC to cut oil output and boost prices three years ago was a triumph for the Russian leader, bolstering his clout on the global stage. But now he’s had to make stinging concessions after US President Donald Trump stepped in to end a price war. Amid …

The US stepped up pressure on Saudi Arabia to seal a historic deal to cut oil production as negotiations that President Donald Trump himself has brokered dragged on for a third day. Talks aimed at ending a price war that’s savaging the US oil industry and threatening petrostates’ budgets continued …

On Thursday, Riyadh, Moscow and other OPEC+ members and partners tentatively agreed to cut crude output by some 10 million barrels per day (bpd) over the next two months, with the deal requiring each country to cut about 23 percent of its output. Saudi state-owned oil giant Saudi Aramco has …

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse.

President Donald Trump said a tentative agreement between Saudi Arabia and Russia to cut global oil production is a very acceptable agreement.

Mexico said it has reached an agreement with OPEC+ for deep oil-production cuts, after an intervention from U.S. President Donald Trump resolved an overnight impasse.

Saudi Arabia and Russia ended a devastating oil price war on Thursday, agreeing to slash output together with other members of the OPEC+ alliance in an effort to lift the market from a pandemic-driven collapse. The tentative deal came after strong pressure from U.S. President Donald Trump and American lawmakers, …

Saudi Arabia’s sovereign wealth fund has built up stakes in European oil firms, including about $200 million in Equinor ASA, as the kingdom navigates the coronavirus pandemic and plummeting crude prices. The Public Investment Fund amassed shares in Norway’s largest producer mostly through the open market last week, according to …