So even a 20 million bpd cut falls short. U.S. President Donald Trump said last week a deal he had brokered with Saudi Arabia and Russia could lead to cuts of 10 million to 15 million bpd. The biggest one-off cut previously agreed by OPEC alone was 2.2 million bpd during the 2008 financial crisis. In the United States, gasoline demand tumbled 48% to 5.1 million bpd in a three-week period to April 3. U.S. senators called on the White House to impose sanctions on Riyadh, pull out U.S. troops from the kingdom and impose import tariffs on Saudi oil.

Source: Standard Digital April 09, 2020 15:45 UTC