OPEC, Russia tentatively agree to production cuts

  • OPEC and Russia, however, want the U.S. to impose state-mandated cuts, rather than let the free market force producers to scale back operations through low prices.
  • And even if a deal is reached, it may do little to raise oil prices, since consumption is now hovering at 50-year lows, and with the world awash in excess crude, said Patrick DeHaan, head of petroleum analysis at Boston-based GasBuddy, which tracks gasoline prices nationwide.
  • But with crude prices stuck in the low 20s per barrel since mid-March, oil and gas operations are shutting down in southeastern New Mexico, encouraging some major Permian Basin producers to call on the U.S. and other G-20 countries to reach an agreement with OPEC and Russia.

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