Wayne State University Opec Allies Set to Ease Oil Cuts Seeing Pandemic Recovery Summary Please read a current WSJ article (must not be older than 3 months

Wayne State University Opec Allies Set to Ease Oil Cuts Seeing Pandemic Recovery Summary Please read a current WSJ article (must not be older than 3 months) and provide the following:

1. Post the name of your WSJ Article in the Subject Line.

2. Provide a summary of the article( 200 words) and list three questions for the discussion of the article by Wednesday.

3. Provide your reference for the WSJ article.

4. Reply to two other student posts by Sunday. (I will post the discussion of two students here once i have it and then you need to reply to those discussions as well) OPEC, Allies Set to Ease Oil Cuts, Seeing
Pandemic Recovery; Saudis propose relaxing the
group’s curbs by 2 million barrels a day
Said, Summer; Faucon, Benoit . Wall Street Journal (Online) ; New York, N.Y. [New York, N.Y]11 July
2020.
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FULL TEXT
An alliance of crude producers led by Saudi Arabia is pushing OPEC and its allies to increase oil production
starting in August, officials in the group said, amid signs that demand is returning to normal levels following
coronavirus-related lockdowns.
Key members of the Organization of the Petroleum Exporting Countries and its Russia-led allies are set to meet via
web conference Wednesday to debate the group’s current and future production. In April, Saudi Arabia, the world’s
largest oil exporter, led a push that saw the 23-producer group cut its collective output by 9.7 million barrels a day,
as the pandemic led to a collapse of oil demand.
Now Saudi Arabia and most participants in the coalition support a loosening of the curbs, the delegates said.
Under a Saudi proposal, the so-called OPEC Plus coalition would relax its current curbs by 2 million barrels a day to
7.7 million barrels a day, the delegates said.
“If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” said a person familiar with the
Saudis’s thinking. “There’s going to be a scramble for market share, and the trick is how the low cost producers
assert themselves without crashing the oil price.”
Producers’ relative optimism coincides with a Friday report from the International Energy Agency showing the
worst effects of the coronavirus on global oil demand have passed but will continue to echo as the market slowly
recovers in the second half of 2020.
The world’s largest oil producers are attempting to mop up an oil glut and stabilize prices. Brent crude, the global
benchmark, is down 31% since the beginning of the year, at $43.24 a barrel. West Texas Intermediate futures, the
benchmark in U.S. oil markets, have traded at around $40 a barrel since late June after falling below zero at one
point in April.
The OPEC Plus alliance has gradually deepened reductions in output since 2016, as it faced competition from U.S.
oil producers. Some members of the group made a rare exception mid-2018 when they temporarily increased
output to make up for lost Iranian barrels because of U.S. sanctions.
Sarah McFarlane contributed to this article.
Write to Summer Said at summer.said@wsj.com and Benoit Faucon at benoit.faucon@wsj.com
Credit: By Summer Said and Benoit Faucon
DETAILS
Subject:
Coronaviruses; Pandemics; COVID-19
Location:
United States–US Saudi Arabia
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Company / organization:
Name: Organization of Petroleum Exporting Countries–OPEC; NAICS: 813910
Publication title:
Wall Street Journal (Online); New York, N.Y.
Publication year:
2020
Publication date:
Jul 11, 2020
column:
Oil Markets
Section:
Markets
Publisher:
Dow Jones &Company Inc
Place of publication:
New York, N.Y.
Country of publication:
United States, New York, N.Y.
Publication subject:
Business And Economics
e-ISSN:
25749579
Source type:
Newspapers
Language of publication:
English
Document type:
News
ProQuest document ID:
2422458315
Document URL:
https://search.proquest.com/docview/2422458315?accountid=10378
Copyright:
Copyright 2020 Dow Jones &Company, Inc. All Rights Reserved.
Last updated:
2020-07-11
Database:
ABI/INFORM Global,Global Newsstream
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