The OPEC+ has agreed to reduce output by 9.7 million barrels per day for the coming May and June, after four days of talks. U.S. President Trump added pressure by threatening leader Saudi Arabia with Oil tariffs and other measures if it did not fix the market’s oversupply problem.
“The big Oil Deal with OPEC Plus is done,” Mr Trump said on Twitter on Sunday. “This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!”
News of the deal briefly lifted oil prices on Monday, but those gains faded over the course of the day. Oil prices remained under pressure on Tuesday, dropping below $30 a barrel, with traders remained unconvinced that a deal to cut almost 10 percent of the world’s oil supply could prop up a market devastated by the coronavirus pandemic.
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