{"id":346314,"date":"2020-04-11T11:23:17","date_gmt":"2020-04-11T05:53:17","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=346314"},"modified":"2020-04-11T11:23:17","modified_gmt":"2020-04-11T05:53:17","slug":"opec-deal-to-cut-production-fails-to-cheer-up-oil-markets","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/opec-deal-to-cut-production-fails-to-cheer-up-oil-markets\/","title":{"rendered":"Opec+ deal to cut production fails to cheer up oil markets"},"content":{"rendered":"<p>Global oil prices on Friday remained depressed, despite the Organization of the Petroleum Exporting Countries-plus (Opec+), including Russia, agreeing to slash production by 10 million barrels per day (mbpd) under US pressure.<\/p>\n<p>With this, the organization along with large producers ended its high-stakes game of flooding the global markets amid the covid-19 pandemic, which has taken a major toll on demand. The agreement said: \u201cAdjust downwards their overall crude oil production by 10.0 mb\/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020.&#8221;<\/p>\n<p>Any production cut assumes significance because the daily global demand of around 101 mbpd is expected to come down by 10 mbpd in March-April. However, this could not cheer the global oil markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global oil prices on Friday remained depressed, despite the Organization of the Petroleum Exporting Countries-plus (Opec+), including Russia, agreeing to slash production by 10 million barrels per day (mbpd) under US pressure. With this, the organization along with large producers ended its high-stakes game of flooding the global markets amid the covid-19 pandemic, which has taken a major toll on demand. The agreement said: \u201cAdjust downwards their overall crude oil production by 10.0 mb\/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020.&#8221; Any production cut assumes significance because the daily [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,187],"tags":[],"class_list":["post-346314","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-oil-gas-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/346314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=346314"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/346314\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=346314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=346314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=346314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}