By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...…By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...WW…

By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...…By , , BAKU/DUBAI/LONDON (Reuters) - OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.The group, known as OPEC+, said it had agreed to reduce output by 9.7...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.After steady oil price gains earlier this year, OPEC and its allies, known as OPEC+, had hoped to ease output cuts.But a fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year’s highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts...…By , , DUBAI/LONDON/MOSCOW (Reuters) - Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.After steady oil price gains earlier this year, OPEC and its allies, known as OPEC+, had hoped to ease output cuts.But a fresh wave of lockdowns to prevent a new surge in the virus has pushed oil off this year’s highs, and four OPEC+ sources told Reuters this would most likely encourage the group to extend cuts...WW…

By NEW YORK (Reuters) - Oil prices plunged about 6% on Tuesday, falling even lower in post-settlement trade, as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness.Brent crude futures settled down $3.83, or 5.9%, at $60.79 a barrel, after hitting a session low of $60.50. West Texas Intermediate crude (WTI) ended $3.80, or 6.2%, lower at $57.76 a barrel, after touching a low of $57.32.Both benchmarks traded near lows not seen since Feb. 9.The front-month Brent spread flipped into a small contango for the first time since January. Contango is...…By NEW YORK (Reuters) - Oil prices plunged about 6% on Tuesday, falling even lower in post-settlement trade, as concerns over new pandemic curbs and slow vaccine rollouts in Europe added to oversupply uneasiness.Brent crude futures settled down $3.83, or 5.9%, at $60.79 a barrel, after hitting a session low of $60.50. West Texas Intermediate crude (WTI) ended $3.80, or 6.2%, lower at $57.76 a barrel, after touching a low of $57.32.Both benchmarks traded near lows not seen since Feb. 9.The front-month Brent spread flipped into a small contango for the first time since January. Contango is...WW…

By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.The group had been due to ease existing production cuts by 2 million barrels per day (bpd) from January. But with demand still under pressure amid the coronavirus...…By , , DUBAI/LONDON/MOSCOW (Reuters) - OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, three sources said on Monday as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic.OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other allies, had been scheduled to hold its meeting on Tuesday at 1300 GMT.The group had been due to ease existing production cuts by 2 million barrels per day (bpd) from January. But with demand still under pressure amid the coronavirus...WW…

By , , MOSCOW/LONDON (Reuters) - OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said.OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.Russia is likely to agree on a rollover of current output for the first quarter...…By , , MOSCOW/LONDON (Reuters) - OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said.OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase.Russia is likely to agree on a rollover of current output for the first quarter...WW…

By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...…By , , MOSCOW/DUBAI/LONDON (Reuters) - OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that...WW…