Reuters ahead with news that OPEC and allies led by Russia will deepen oil supply cuts; market reacts
Reuters was first to report that oil producers led by Saudi Arabia and Russia had agreed to cut output to prevent a supply glut and to support prices. Reuters was two minutes ahead with initial news that a panel of OPEC and non-OPEC ministers was considering reducing output by 500,000 barrels per day (bpd) on Thursday. When producers met on Friday to ratify the cut, Reuters was almost two minutes ahead of the competition with news of the final deal. Reuters then beat the competition with news that OPEC’s de facto leader Saudi Arabia would keep its own output some 400,000 bpd below target and that its new effective output level would be 9.744 million bpd. Oil prices moved after each Reuters newsbreak. To access in Eikon, search OPEC CRU EMRG in the News Monitor.