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| Oil producers agree to cut production by a tenth | |
| (about 8 hours later) | |
| Opec producers and allies have agreed to cut output by around 10% to counter the slump in demand caused by coronavirus lockdowns. | |
| The group said it would cut output in May and June by 10 million barrels to help prop up prices. The cuts will then be eased gradually until April 2022. | The group said it would cut output in May and June by 10 million barrels to help prop up prices. The cuts will then be eased gradually until April 2022. |
| Opec+, made up of Opec producers and allies including Russia, held talks on Thursday via video conference. | Opec+, made up of Opec producers and allies including Russia, held talks on Thursday via video conference. |
| Talks were complicated by disagreements between Russia and Saudi Arabia. | Talks were complicated by disagreements between Russia and Saudi Arabia. |
| The group and its allies agreed to cut 10 million barrels a day or 10% of global supplies from their pre-crisis levels. Another 5 million barrels is expected to be cut by other nations. | |
| It said the cuts would be eased to eight million barrels a day between July and December. Then they would be eased again to six million barrels between January 2021 and April 2022. | It said the cuts would be eased to eight million barrels a day between July and December. Then they would be eased again to six million barrels between January 2021 and April 2022. |
| Oil prices slumped in March after Opec+ failed to agree cuts. | Oil prices slumped in March after Opec+ failed to agree cuts. |
| In the wake of the March meeting, Saudi Arabia and Russia moved to boost production in order to retain market share amid falling global demand. | In the wake of the March meeting, Saudi Arabia and Russia moved to boost production in order to retain market share amid falling global demand. |
| That, together with the collapse in demand for oil amid the coronavirus pandemic, help to push oil prices to 18-year lows by the end of March. | That, together with the collapse in demand for oil amid the coronavirus pandemic, help to push oil prices to 18-year lows by the end of March. |
| Prices have recovered some ground since then. Last week, prices jumped 20% after US President Donald Trump said he expected Saudi Arabia and Russia to end their feud. | Prices have recovered some ground since then. Last week, prices jumped 20% after US President Donald Trump said he expected Saudi Arabia and Russia to end their feud. |
| Thursday's talks will be followed by a conference call on Friday between energy ministers from the G20 countries. It will be hosted by Saudi Arabia. | Thursday's talks will be followed by a conference call on Friday between energy ministers from the G20 countries. It will be hosted by Saudi Arabia. |
| Kirill Dmitriev, head of Russia's wealth fund and one of Moscow's top oil negotiators told Reuters: "We are expecting other producers outside the Opec+ club to join the measures, which might happen tomorrow during G20." | Kirill Dmitriev, head of Russia's wealth fund and one of Moscow's top oil negotiators told Reuters: "We are expecting other producers outside the Opec+ club to join the measures, which might happen tomorrow during G20." |
| The US has not committed itself to any cuts although it did say that its oil output was gradually reducing anyway due to plunging oil prices. | The US has not committed itself to any cuts although it did say that its oil output was gradually reducing anyway due to plunging oil prices. |
| President Donald Trump had warned Saudi Arabia that the US would impose sanctions if it did not cut oil production. | President Donald Trump had warned Saudi Arabia that the US would impose sanctions if it did not cut oil production. |