Oil Slumps As 10 Million Bpd OPEC+ Output Reduction Fudge Fails To Impress

Oil Slumps As 10 Million Bpd OPEC+ Output Reduction Fudge Fails To Impress

Oil futures slid on to negative turf after a meeting of OPEC+ ministers led by Saudi Arabia and Russia failed to impress the market despite their plans for production cuts of 10 million barrels per day (bpd), to cope with demand declines in the wake of the coronavirus or Covid-19 global pandemic.. At 2:53pm EDT on April 9, the Brent front-month futures contract traded down 3.23% or $1.06 at $31.78 per barrel, while the West Texas Intermediate was 7.17% or $1.80 lower at $23.29, after participating delegates said the crude producers' group is set to cut collective output by 10 million bpd for two months from May.. The plans emerged with the added caveat that OPEC+ would seek an additional cut of 5 million bpd from G20 energy finance ministers who are scheduled to meet on Friday.. Russian production for March came in at 11.29 million bpd, according to the country's energy ministry, while Saudi production was stated to be around 9.744 million bpd in December, before Riyadh dramatically upped production in the wake of the collapse of OPEC+ to 12.1 million bpd, but is using 11 million bpd average as a benchmark.. Even