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Oil prices firmed up as the group of oil producing countries known as OPEC+, which includes Russia, said it had agreed to reduce output by 9.7 million barrels per day (bpd) for May-June, after four days of marathon talks.
US West Texas Intermediate (WTI) crude futures were up 7.3 per cent at $24.43 per barrel in highly volatile trade, having fallen more than 3 per cent to $22.03 earlier in the session. The international benchmark Brent futures rose 5.5 per cent to $33.22 per barrel, while Brent was at $31.03 per barrel, and WTI was at $23.54 per barrel on Monday morning.
OPEC and allies led by Russia, the so-called OPEC+ group, said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by more than 20 million bpd, or 20 per cent of global supply. Still, that falls short of completely offsetting an estimated 30 million bpd drop in worldwide fuel consumption caused by the Covid-19 pandemic.
"In the short term, the WTI may hold above $20 after the deal but it could fall below that level unless all the countries follow up their words with actions," said Tatsufumi Okoshi, senior economist at Nomura Securities. The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC+ will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the UAE and Kuwait.
Prince Abdulaziz bin Salman was speaking to Reuters by telephone on Sunday after OPEC and allies led by Russia agreed to cut oil output by a record amount - representing around 10 per cent of global supply - to support oil prices amid the coronavirus pandemic, and sources said effective global cuts including countries from outside the alliance could amount to as much as 20 per cent.
"I am honoured to be a party of this historic moment and historic agreement," Prince Abdulaziz said. The Kingdom pumped 12.3 million bpd in April, which is higher than its agreed reference level of 11 million bpd under the new pact, meaning the effective cut by Saudi Arabia is about 3.8 million bpd. Actual oil production reductions from both Kuwait and the UAE will be also more than what was agreed under the agreement.
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