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.
-
Latest1 week agoHigh Court opens hearing on Goodluck Jonathan’s 2027 presidential eligibility
-
Business2 days agoAnger, debate trail proposed $1.25bn loan amid concerns over Nigeria’s debt surge
-
Featured2 days agoWike dismisses political speculation over meeting with APC Chairman Yilwatda
-
Latest24 hours agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Latest4 days agoWike loyalists dominate As APC clears 33 aspirants for Rivers Assembly primaries, 65 disqualified
-
Business2 days agoNigeria’s 2026 debt servicing hits $11.6bn as Tinubu decries global financial inequity
-
Latest6 days agoNigerian Senate reverses standing orders amendment over constitutional concerns
-
Featured1 day agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed