Tag: oil

Oklahoma wants Trump to declare coronavirus an ‘act of God’ to help oil producers

Oklahoma’s governor has called on U.S. President Donald Trump to declare the coronavirus pandemic an “act of God,” a step to support oil-developing states contend with a crude glut that brought about futures selling prices to near down below $ final 7 days for the 1st time.

“Above-production of oil proceeds to threaten the economic system,” Governor J. Kevin Stitt explained in a letter to Trump that Stitt posted on Twitter late on Saturday.

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OPEC and oil nations agree to cut nearly 10M barrels per day

DUBAI, United Arab Emirates — OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

The cartel and other nations agreed to allow Mexico to cut only 100,000 barrels a month, a sticking point for an accord initially reached Friday after a marathon video conference between 23 nations. They reached the deal just hours before Asian markets reopen Monday as international benchmark Brent crude traded at just over $31 a

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