Energy giant Saudi Aramco said it has struck a 12.4-billion-dollar deal to sell a minority stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners

Saudi Arabia is prepared to support extending oil cuts by OPEC and allies into May and June and is also ready to extend its own voluntary cuts to boost oil prices amid a new wave of coronavirus lockdowns

Goldman Sachs expects OPEC + to keep its oil production unchanged for May, when the group meets next week, and to continue making “still the big rise of 3.4 million barrels per day that is expected. for September”

With oil prices making steady gains earlier this year, OPEC and other producers had hoped to ease output cuts, but industry sources say a fresh wave of lockdowns around the world threatens to tear up those plans

OPEC+ compliance with oil production cuts in February rose to 113%. The figure compares with a January compliance figure of 103%

Russian Foreign Minister Sergei Lavrov said that OPEC+ oil producers would try to ensure there are no sharp oil price swings and that the current price more or less reflected the balance between producers and consumers

Oil prices climbed above $70 a barrel for the first time since the start of the coronavirus crisis, after the US Senate passed a $1.9 trillion economic stimulus package and a Yemeni group attacked Saudi Arabia’s oil industry

OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day (bpd), and would decide in coming months when to gradually phase it out

OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies ending a run of seven consecutive monthly increases

OPEC+ oil producers are likely to ease curbs on supply after April given a recovery in prices, OPEC+ sources said, although any increase in output will be modest as producers are wary of fresh setbacks in the battle against the pandemic