The 1.5 million barrels per day cut proposed earlier by the Organization of the Petroleum Exporting Countries (OPEC) would run until the end of the year, according to an unnamed OPEC delegate. The delegate who spoke to Bloomberg on Thursday added that the cartel would be responsible for taking 1 million b/pd off the market, while allied producers would cover the remaining 500.000 barrels
The proposed cut is the biggest since the 2008 financial crisis and comes amid the coronavirus epidemic, which continues to drive crude prices lower.
Nick Note: this is huge….. Markets down because of that little word proposed. Russian i am tlod will join the OPEC+ crazy train!