WASHINGTON (Bloomberg) --President Donald Trump said the “big Oil
Deal” sealed on Sunday will save hundreds of thousands of American jobs.
But the agreement he brokered depends on a sharp downturn in shale that
will likely bring about a wave of bankruptcies and job cuts.
Days of frantic diplomatic maneuvering culminated in an agreement on
Sunday by OPEC+ to pare production by 9.7 million barrels a day, ending a
devastating price war between Saudi Arabia and Russia and belatedly
tackling a plunge in demand caused by the coronavirus outbreak. The
lockdowns enacted across much of the world to slow its spread have
caused consumption to crater by as much as 35 million barrels a day.
https://www.worldoil.com/news/2020/4/13/weaker-us-shale-producers-will-bear-the-brunt-of-opecplus-compliance-moves
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