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Report: Saudi Arabia And Russia Have Reached Oil Production Cut Deal…Oil Moves Higher 7%

Report: Saudi Arabia And Russia Have Reached Oil Production Cut Deal...Oil Moves Higher 7%
Image by Kremlin.ru

This story is developing…

Oil jumps on reports that During a virtual meeting of the OPEC+ nations, which includes the Russian Federation, a deal has been reached on deep crude oil production cuts.

U.S. President Donald Trump had hinted last week that a deal might be in the works, which lifted the price of crude off decade lows.

“We’re optimistic that they’ll reach an agreement between the Saudis and Russians in an effort to stabilize the markets,” U.S. Energy Secretary Dan Brouillette said Thursday on CNBC’s “Squawk Box.” 

“I think they can easily get to 10 million, perhaps even higher, and certainly higher if you include the other nations who produce oil, nations like Canada and Brazil and others. Easily, easily done.”

Separately, a Russian source said that OPEC+ is discussing oil cuts as large as 20mln BPD, with the caveat that this figure is just for discussion, and without any details on the breakdown, reported Zero Hedge.

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