91ÊÓƵ

OPEC, Russia and other oil-producing nations on April 12 finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said.

Mexico says it has reached an agreement with the United States that will allow it to agree to a deal on production cuts with OPEC, Russia and other countries.

Oil soared after President Trump said that he expects Saudi Arabia and Russia to cut output back by 10 million barrels or more after he spoke with Crown Prince Mohammed Bin Salman.

Oil tanks at one of the world’s largest storage hubs on Africa’s southern tip already are almost full, limiting traders’ options as a historic flood of crude hits the market.

President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching a historic plunge in oil prices.

Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.

The world will run out of places to store oil in as little as three months, according to an industry consultant.

The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures.

The spread of the coronavirus coupled with an oil-price war between Russia and Saudi Arabia threatens to devastate the oil services industry and its workers.

Oil surged the most ever in New York as the U.S. president said he could get involved in the standoff between Saudi Arabia and Russia that has rocked crude markets.