Saudi Arabia and Russia have reached a deal with other oil-producing nations to cut output by a record-setting 9.7 million barrels a day. But analysts say it will likely be dwarfed by the size of pandemic-driven demand loss.
to come to a settlement. President Trump spoke with Russian President Vladimir Putin and Saudi King Salman on a conference call on Thursday, White House aide Dan Scavino said on Twitter.
The new cuts, despite their historic size, may not do much to shore up oil prices, which fell some 5% as the OPEC+ cuts were initially being hashed out on Thursday. The coronavirus pandemic has destroyed oil demand to a remarkable degree. Lockdowns in large parts of the world mean less driving, less flying and reduced manufacturing output — all of which leads to reduced need for fossil fuels.Rystad Energy, an independent energy consulting firm, has estimated that before these cuts the world was on track for an astonishing 28 million-barrel-per-day oversupply in April.
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