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US intervention helps seal OPEC deal

Wednesday, April 15, 2020 by

1 response

Amid devastatingly low oil prices and decreased demand due to the COVID-19 pandemic, in a rare move, the U.S. stepped into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico, an alliance called OPEC+, according to the Associated Press.

Over the weekend, President Donald Trump and a group of U.S. senators wielded political influence to push OPEC and its allies to agree to cut production by nearly 10 million barrels per day, which is about 10% of current global output.

“This historic action will help nearly 11 million American workers who are supported by the U.S. oil and gas industry,” Trump said during a coronavirus press briefing Monday.

Learn more: KTUL > A rare intervention by the US helped seal crucial OPEC deal

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One Comment

  1. tim bailey says:

    lets hope it helps

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