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2 hours ago
Sunday, 12 April 2020
COVID-19 is really Unprecedented Times!
Unprecedented number of hours staying at home watching unprecedented numbers of movies on Netflix!
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Another unprecedented!
ReplyDeleteOil prices moved higher in overnight trading after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.
U.S. West Texas Intermediate crude rose 5.32% to trade at $23.97 per barrel, while international benchmark Brent crude gained 4.35% to $32.85 per barrel. Earlier in the session WTI rose as much as 8%, while also spending time in negative territory.
The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up the final deal. Under the new agreement, Mexico will cut 100,000 barrels per day, instead of its initial allocation of 400,000 barrels per day.
The 9.7 million barrels per day cut will begin on May 1, and will extend through the end of June. The cuts will then taper to 7.7 million barrels per day from July through the end of 2020, and 5.8 million barrels per day from Jan. 2021 through April 2022. The 23-nation group will meet again on June 10 to determine if further action is needed.
“Unprecedented measures for unprecedented times,” Ed Morse, Citi’s global head of commodities, wrote in a note to clients on Sunday. Morse said the cut will have a significant impact in the second half of the year and help lift prices to the mid-$40s by year-end, but that there will be short-term pain while the market rebalances.