The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020, lowering its annual forecast by almost 1 million and signaling a contraction of 90,000 bpd

OPEC+ said it had agreed to reduce output by 9.7 million barrels per day for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline

OPEC+ works on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the US

British energy giant slashed its planned spending for 2020 by one quarter and announced a 1.0-billion dollars hit from collapsing oil prices as the coronavirus outbreak destroys demand

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand

Without mentioning who the new deal’s members should or could be, Russia called for a new OPEC+ deal to balance oil markets to cushion the economic fallout from coronavirus

The quick slide in oil prices over the past few days has alarmed OPEC officials as the new virus found in China and several other countries raised concerns about a hit to economic growth and oil demand