Commodities & Energy

Reuters exclusively reports OPEC+ wants to maintain oil output cuts beyond June

Reuters exclusively reports OPEC+ wants to maintain oil output cuts beyond June

Reuters exclusively reported that OPEC and its allies want to maintain existing oil cuts beyond June—when the OPEC+ group is next due to meet—to shore up prices and demand, which have been hit by the coronavirus pandemic. Global oil demand has slumped by about 30% as the crisis has curtailed travel and economic activity, building up oil inventories globally. Brent crude prices fell 65.6% in the first quarter, before the OPEC+ grouping agreed its deepest oil cuts.