Reuters: OPEC backs extra 1.5 million bpd output cut if Russia joins in: sources
VIENNA (Reuters) - OPEC agreed on Thursday to cut output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices amid an outbreak of coronavirus but made it conditional on Russia joining in, two OPEC sources said.
Saudi Arabia had suggested OPEC and its allies, including Russia, cut up to 1.5 million barrels per day (bpd) for the second quarter of 2020 while keeping existing cuts of 2.1 million bpd, which expire this month, in place until the end of 2020.
But Riyadh, the biggest producer in the Organization of the Petroleum Exporting Countries, and other members of the group have yet to win Russian support for such a deal. So far, Moscow has indicated it would back an extension but not a deeper cut.
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WNU Editor: This cut in oil production will not be enough. The world's economy is slowly shutting down due to the coronavirus outbreak. Quarantines are becoming the norm, and people are staying home. And if the US economy slow downs because of this outbreak, which I predict it will, expect even more pressure on oil prices.
Update: I agree with this prediction .... A $30 Oil Price Is the Real Virus Threat to OPEC (Bloomberg).
More News On OPEC Agreeing To A Massive Cut In Oil Production Due To The Coronavirus Outbreak
OPEC Mulls Big Production Cut of 1.5 Million Barrels a Day -- USA Today/AP
OPEC agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval -- CNBC
OPEC Agrees To 1.5MM Barrel Output Cut, But Fails To Obtain Critical Russian Backing -- Zero Hedge
OPEC agrees biggest oil production cut since 2008 financial crisis, but only if Russia joins -- RT
3 comments:
So the manufactured crisis is continued unabated. Ideology or nefarious actions on the part of government agents? I tend to lean in the direction of ideology, sort of like how crowds can panic and lead to a "herd mentality."
This does provide a fabulous opportunity for governments to eliminate those they don't like. Simply mark them down as having Coronavirus, quarantine them, and exterminate them.
Keep in mind the person doesn't have to be sick. All they have to do is "test positive" and the only pretext they need to initiate a test is to allege "exposure" somewhere then on to quarantine they go to never to be heard from again. After all they are a victim of the virus or so we're told.
As has been said, never let a crisis go to waste. If necessary, manufacture the crisis.
Something that may be repeated as future pandemic situations spring up and perhaps purposely so.
Wnu,
Not just OPEC, but Russia and the US. There will be deep and dramatic change in virtually all countries foreign policies.
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