9/18, 5:10 PM (Source: TeleTrader)
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Negative oil price not likely due to OPEC+ deal - Novak

Crude prices are unlikely to turn negative again as a result of the OPEC+ output cut deal, Russian Energy Minister Alexander Novak told local media on Friday. Novak added that it isn't only the OPEC+ that is contributing to the stabilization of the oil market, but also non-OPEC+ members who are currently cutting their production by some 3 million barrels per day (bpd).

The OPEC+ is currently cutting 7.7 million bpd after initially deciding to cut production by 9.7 bpd.

During the widespread coronavirus lockdowns in April, oil demand plummeted and stockpiles in the United States increased dramatically, leading oil to trade negative for the first time in history.

Breaking the News / VP