A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.
Saudi Arabia has agreed to cut its production for November by 526,000 bpd, from its current quota of 11.004 million bpd, according to data provided by OPEC following its Wednesday meeting to set new production targets.
Newsfeed: Saudi Arabia, Russia To Cut 1.05 Million Bpd In November Read More »
Brent Crude prices could jump to well above $150 per barrel if Russia’s oil exports fall off a cliff in the coming months, according to Bank of America.
Newsfeed: BofA: Sharp Decline In Russian Exports Could Send Oil Above $150 Read More »