Energy
Saudi, Russia strike deal on deep output cut
Following the Organisations of Petroleum Export Countries virtual meeting today, Saudi Arabia and Russia have struck a deal on a deep output cut.
According to Reuters, the cuts could reportedly be as high as 20 million barrels per day. But details like how the cuts would be divided and how long it would be in place remained unknown.
It would be recall that it had earlier been reported that there would be a virtual meeting, which started around 10:45 am ET, between OPEC and its allies, known as OPEC+. Some of the world’s largest producers were set to discuss historic production cuts as the Coronavirus pandemic saps demand for crude oil.
Meanwhile, the U.S. WTI climbed up by 12% to trade at $28.36 per barrel, while Brent crude surged 8.5% to trade at $35.79 per barrel as at the time of this report on Thursday.
-
Football1 week agoFULL LIST: Eight stadiums to host 2027 Women’s World Cup in Brazil
-
Business1 week agoDangote Refinery IPO: Can small investors really make money from the shares?
-
Business3 days agoCBN reduces MPR by 350bps to 23% in major monetary policy shift
-
Business5 days agoJetour takes T1 adventure SUV experience to Abuja, targets growing Nigerian market
-
Football6 days agoNigeria vs Colombia: Falconets battle for U-20 World Cup semi-final ticket
-
Football6 days agoBreaking:Brighton shocks Arsenal 3-0 as Gunners’ perfect start comes crashing down
-
Business6 days agoNMDPRA moves against petrol price gouging as pump prices rise to N1,450
-
Comments and Issues5 days agoPeter Obi and the Pensioners’ Testimony