Trump claims that the oil cut will be 20 million barrels a day



US President Donald Trump assured on Monday that the oil cut agreed by the OPEC + countries is 20 million barrels a day, double what was agreed at this Sunday's meeting, and he especially thanked Russia for its work. and Saudi Arabia.

"Having been involved in the negotiations, to put it mildly, the number OPEC + is looking to cut is 20 million barrels a day, not the 10 million generally reported," Trump said on his Twitter account.

This Sunday, the countries of the OPEC + alliance agreed on a cut of 9.7 million barrels per day (mbd) to stabilize prices in the oil market in the face of the sharp collapse in demand for the coronavirus.

"If something similar happens, and the world returns to normal business prior to the COVID-19 disaster, the energy industry will return strong again, and much faster than currently anticipated," he stressed.

"Thank you to everyone who has worked with me to get this business back on track, particularly Russia and Saudi Arabia," he added.

This pact represents the first coordinated response by producers to the COVID-19 pandemic, which has caused an unprecedented collapse in world oil demand and has pushed prices to minimums in almost 20 years, with losses of up to 70% compared to this year's highs.

Some thirty countries gathered around the OPEC + alliance, led by Saudi Arabia within the cartel, and Russia as leader of the external allies, closed the agreement after marathon days of teleconference since last Thursday.

The agreement involves ratifying, broadly speaking, what was outlined by OPEC + last Thursday, with a phased plan: the reduction of almost 10 mbd during May and June, would drop to 8 mbd between July and December, and to 6 mbd between January and 2021 and April 2022.

Likewise, it was achieved by saving the stumbling block of Mexico, which refused to cut the 400,000 barrels per day that was originally demanded and now only will have to withdraw 100,000.

The United States will assume the 300,000 barrels a day that its southern neighbor stops cutting in the final version of the pact.

.



Source link