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03.05 - 20:45
A rare intervention by the US helped seal crucial OPEC deal
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NEW YORK – As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S.
took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico, an alliance called OPEC+.
President Donald Trump and a group of U.S. senators wielded political influence to push OPEC and its allies to agree over the weekend to cut production by nearly 10 million barrels per day — about 10% of current global output.
The unusual action by the U.S. — and the fact that the intervention worked — reflect the desperate conditions the oil industry found itself in due to the economic damage wrought by the coronavirus outbreak. “There have been oil market crises,
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