Record deal to cut oil output ends price war
OPEC producers and allies have agreed a record oil deal that will slash global output by about 10% after a slump in demand caused by coronavirus lockdowns.
The deal, agreed on Sunday via video conference, is the largest cut in oil production ever to have been agreed, according to BBC News.
Opec+, made up of oil producers and allies including Russia, announced plans for the deal on 9 April, but Mexico resisted the cuts.
Opec has yet to announce the deal, but individual nations have confirmed it.
The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.
On Monday in Asia, oil rose over $1 a barrel in early trading with global benchmark Brent up 3.9% to $32.71 a barrel and US grade West Texas Intermediate up 6.1% to $24.15 a barrel.
Shares in Australia jumped 3.46% led by energy exporters, but Japan's Nikkei 225 fell 1.35% on continued concerns of poor global demand because of the spread of the coronavirus.
"This is an unprecedented agreement because it's not just between Opec and Opec+... but also the largest supplier in the world which is the US as well as other G-20 countries which have agreed to support the agreement both in reducing production and also in using up some of the surface supply by putting it into storage," Sandy Fielden, director of Oil Research at research firm Morningstar, told the BBC.
US President Donald Trump and Kuwait's energy minister Dr Khaled Ali Mohammed al-Fadhel tweeted the news, while Saudi Arabia's energy ministry and Russia's state news agency Tass both separately confirmed the deal on Sunday.
Videos
Interview with Francis Malige, EBRD Managing Director
Armenians Commemorating 106th Anniversary of Genocide
Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News
Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank
'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide
Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24
Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors
Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan
Rep Adam Schiff Says Congress Should Recognize Artsakh
UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'
NASA's Mars 2020 Perseverance Rover Landing Animations
Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video
Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies
Artsakh Defense Army Units Neutralizing Azerbaijani Drone
Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan
Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment
Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan
Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital
President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace
Artsakh Defense Army Neutralizes Azerbaijani Military Hardware
Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures
President Armen Sarkissian Meets with NATO Secretary-General in Brussels
Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling
Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy
Artsakh Defense Army Units Destroying Azerbaijani Tank
Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements
Armenians Protest Outside Turkrish Embassy in Los Angeles
Losses in Azerbaijan's Military Featured in Defense Army Footage
Artsakh Defense Army Neutralizing Adversary's Transport Column
Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh
Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)
Artsakh Defense Army Continues High-Precision Strikes
War Situation in Karabakh on European Parliament's Agenda
Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks
Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression
Nagorno-Karabakh's Capital Under Azerbaijani Strikes
Armenian Armed Forces Neutralize Azerbaijani Defense Positions
ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline
There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR
EU calls for Immediate End to Hostilities over Nagorno-Karabakh
-
15:20 • 24.05.21
Interview with Francis Malige, EBRD Managing Director
-
11:39 • 24.04.21
Armenians Commemorating 106th Anniversary of Genocide
-
09:40 • 23.04.21
Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News
-
15:34 • 22.04.21
Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank
-
14:09 • 21.04.21
'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide
-
12:37 • 03.04.21
Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24
-
17:33 • 11.03.21
Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors
-
17:57 • 26.01.21
Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan
-
13:33 • 22.01.21
Rep Adam Schiff Says Congress Should Recognize Artsakh
-
09:42 • 29.12.20
UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'
-
18:41 • 24.12.20
NASA's Mars 2020 Perseverance Rover Landing Animations
-
13:33 • 31.10.20
Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video
-
16:37 • 30.10.20
Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies
-
11:25 • 28.10.20
Artsakh Defense Army Units Neutralizing Azerbaijani Drone
-
13:45 • 24.10.20
Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan
-
11:51 • 24.10.20
Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment
-
11:40 • 24.10.20
Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan
-
10:39 • 24.10.20
Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital
-
12:41 • 23.10.20
President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace
-
12:16 • 23.10.20
Artsakh Defense Army Neutralizes Azerbaijani Military Hardware
-
12:02 • 22.10.20
Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures
-
10:35 • 22.10.20
President Armen Sarkissian Meets with NATO Secretary-General in Brussels
-
10:51 • 17.10.20
Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling
-
15:09 • 15.10.20
Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy
-
13:13 • 13.10.20
Artsakh Defense Army Units Destroying Azerbaijani Tank
-
12:56 • 12.10.20
Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements
-
12:23 • 12.10.20
Armenians Protest Outside Turkrish Embassy in Los Angeles
-
17:23 • 09.10.20
Losses in Azerbaijan's Military Featured in Defense Army Footage
-
15:53 • 09.10.20
Artsakh Defense Army Neutralizing Adversary's Transport Column
-
14:11 • 09.10.20
Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh
-
15:52 • 08.10.20
Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)
-
10:57 • 08.10.20
Artsakh Defense Army Continues High-Precision Strikes
-
14:24 • 07.10.20
War Situation in Karabakh on European Parliament's Agenda
-
19:31 • 05.10.20
Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks
-
16:17 • 04.10.20
Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression
-
12:39 • 04.10.20
Nagorno-Karabakh's Capital Under Azerbaijani Strikes
-
13:49 • 03.10.20
Armenian Armed Forces Neutralize Azerbaijani Defense Positions
-
10:12 • 29.09.20
ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline
-
23:42 • 28.09.20
There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR
-
18:45 • 28.09.20
EU calls for Immediate End to Hostilities over Nagorno-Karabakh
Most popular articles Today Yesterday For a week
-
Politics 10:36 • 13/11 Musk and Ramaswamy will head Department of Government Efficiency, Fox News host to head Pentagon Presidentelect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead a new “Department of Government Efficiency” in his second administration “Together, these two wond
Economy
-
16:51 • 11.11.24 New features for Armeconombank’s Premium cardholders
-
12:16 • 08.11.24 Ucom and Sunchild NGO install another solar plant in Areni
Event
-
11:37 • 10.11.24 Over 100,000 people protest in Valencia over floods
-
17:34 • 05.11.24 Ucom joins Armenian Internet Governance Forum as a platinum partner
Science/tech
-
14:18 • 08.05.24 AstraZeneca withdrawing Covid vaccine worldwide
