G20 oil ministers meeting Friday to endorse agreement.
OPEC and Russia have agreed in principle to make deep cuts to oil production. Such a deal would end a weeks-long scramble for market share that put pressure on prices that were already squeezed by the biggest demand collapse in history due to the coronavirus pandemic.
OPEC members and other major energy powers held a marathon video conference Thursday, agreeing to reduce production by 10 million barrels per day in May and June, the deepest ever cut agreed to by the world’s oil producers.
But there was a snag: Mexico declined to support the agreement, which turns attention to another round of talks among the Group 20. The G20 countries include Mexico, the U.S. and Canada.
The market reacted late Thursday with oil prices falling sharply, while the stock market made its largest weekly gains since 1938—although driven more by the economic stimulus than by oil agreements.
As the Lord Leads, Pray with Us…
- For the G20 energy ministers meeting to endorse or modify the agreement made between Russia and the OPEC nations, particularly Saudi Arabia.
- For President Trump who has been a key part of negotiations between Russia and the Saudis.
Sources: Financial Times, CNN Business
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