Top OPEC+ countries are near closing down on a deal to cut oil prices in response to the global oil market crisis that surged from the coronavirus outbreak.
On Thursday, oil prices were cut more than ever, by 15%, yet a huge surplus remains with demand falling by 30%. Due to measures to slow down coronavirus, demand for fuel has been reduced. The new deal consists of all OPEC+ members, including leading countries, Russia and Saudi Arabia, to curb crude production and reduce the output by 23% to lift global oil prices.
However, the deal has come to a halt, waiting on Mexico, who has not yet approved the agreement and expects the US to help out by cutting more production. Other OPEC+ members hope that Mexico will see the benefit that this will bring on a global scale and respond to this crisis.
Veritas vos liberabit
03.23.2023