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Monday, April 27, 2020
Saudi Aramco along with Kuwait, Algeria and Nigeria have begun production cuts prior to the May 1 start date agreed upon at the last extraordinary meeting of OPEC+.
Oil prices have tumbled even falling below $0 for the first time ever on the trading market for a brief time early last week. Today, slight gains were seen with Brent crude trading at just over $20 barrel, while the OPEC basket sat at $15.23 during afternoon trading.
Aramco has begun to curtail production from about 12 million barrels a day and will continue cuts until it reached the agreed level of 8.5 million barrels per day.
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