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UPDATE 1-Trump says global oil production cut should help industry recover

Published 13/04/2020, 15:25
© Reuters.
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(Adds quotes, Saudi production)
WASHINGTON, April 13 (Reuters) - U.S. President Donald Trump
said on Monday the OPEC+ group of oil producers is looking to
cut output by 20 million barrels per day (bpd), a figure that
appeared to include a wider group of producers, including the
United States.
OPEC+, comprising the Organization of the Petroleum
Exporting Countries, Russia and other countries, said on Sunday
it had agreed to reduce output by 9.7 million bpd for May and
June, after four days of talks and following pressure from Trump
to arrest a price collapse. "Having been involved in the negotiations, to put it mildly,
the number that OPEC+ is looking to cut is 20 Million Barrels a
day, not the 10 Million that is generally being reported," Trump
said on Twitter.
Several other nations including the United States, Canada,
Norway and Brazil, have said they will be cutting production as
well, largely due to the collapse in prices.
"The energy industry will be strong again, far faster than
currently anticipated," Trump said.
Saudi Energy Minister Prince Abdulaziz bin Salman said
nations in the G20 group had pledged to cut around 3.7 million
bpd and that strategic reserves purchases would reach around 200
million barrels over the next couple of months, bringing the
total reduction of oil in the market to about 19.5 million bpd.
Oil prices LCOc1 CLc1 fluctuated on Monday as the
positive impact of major producers agreeing record global output
cuts was offset by concerns they will not be sufficient to
reduce a glut as the coronavirus pandemic hammers demand.

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