Oil slumps on disappointment with OPEC supply deal

Oil slumps on disappointment with OPEC supply deal

Oil producers led by Saudi Arabia and Russia tried to hammer out an agreement that would address growing oversupply amid a 30% drop in worldwide fuel demand.. Iran's oil minister said a production cut of 10 million bpd is just for May and June 2020.. From July until the end of 2020 there will be a production cut of 8 million bpd, and starting January 2021, there will be a 6 million bpd cut.. A cut of 10 million bpd would be the biggest output cut ever agreed by OPEC, but Russia has insisted it will only reduce output if the United States joins the deal.. Oil importing countries, meanwhile, may announce crude oil purchases, International Energy Agency Executive Director Fatih Birol told al-Arabiya TV..