Russia’s Energy Minister Alexander Novak said on Monday that the total oil output cuts in May and June could total 15-20 million barrels per day (bpd). Novak further noted that he has met with domestic oil producers ahead of the OPEC+ emergency meeting and added they supported production reductions. Earlier in the day, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told reporters that the effective oil supply cuts by OPEC+, G20 nations and SPR purchases will account to about 19.5 million (bpd) in total global reductions. Market reaction Crude oil prices largely ignored these comments and the barrel of West Texas Intermediate was last seen trading at $22.95, down 0.95% on the day. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Pound trades in on-month tops near 1.2500 figure FX Street 2 years Russia's Energy Minister Alexander Novak said on Monday that the total oil output cuts in May and June could total 15-20 million barrels per day (bpd). Novak further noted that he has met with domestic oil producers ahead of the OPEC+ emergency meeting and added they supported production reductions. Earlier in the day, Saudi Arabia's energy minister Prince Abdulaziz bin Salman told reporters that the effective oil supply cuts by OPEC+, G20 nations and SPR purchases will account to about 19.5 million (bpd) in total global reductions. Market reaction Crude oil prices largely ignored these comments and the barrel of West Texas Intermediate… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
