Russian oil output falls near to OPEC+ target

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day, close to its production target of 8.5 million daily barrels for May and June under a global deal to cut crude supplies

Saudi says ready to take extra steps to stabilise oil market

Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

WTI plunges to lowest level in history

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel

OPEC says oil market undergoing ‘historic shock’

The Organization of the Petroleum Exporting Countries stated that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have decimated demand

Producers pin hopes for massive cuts on unprecedented stockpile purchases

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal

OPEC slashes 2020 oil demand view on coronavirus

The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day in 2020, a reduction of 920,000 from its previous forecast

Norway to announce oil output decision soon

The energy minister of Western Europe’s largest oil producer will announce its decision on whether to slash crude output soon, potentially adding its weight to a global push to shore up prices

IEA: Oil demand set for first contraction since 2009 due to coronavirus

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+ approve biggest-ever oil cut to support prices

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+ oil output cuts depend on US and others joining

Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the US and several others join in with curbs to help prop up prices