Global Oil Deal Gains Traction With U.S. Predicting Big Drop [Yahoo! Finance News]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Yahoo! Finance News
) -- The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically.While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from the world’s top producer, it helps pave the way for Saudi Arabia and Russia to coordinate output cuts at Thursday’s virtual OPEC+ meeting, and seek cooperation from other nations in a Group of 20 conference call on Friday.Their actions will determine whether the world continues to drown in a flood of oil that’s starting to overwhelm storage tanks and force a wave of abrupt production shutdowns at a time when the Covid-19 pandemic is destroying demand. Concerns that coordinated crude output cuts may not be enough to clear a global supply glut sent U.S. oil futures tumbling 9% on Tuesday, but failure to reach an agreement could plunge prices much lower.A deal hinges on so
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