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About: http://data.cimple.eu/news-article/08b94acbc0ac519b5242f2e72848d4f8e01996394dff51ee3592d50c Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	OPEC kingpin Saudi Arabia said Tuesday it was closely monitoring oil markets and stood ready to take further measures after crude prices plunged to historic lows. "The kingdom continues to closely monitor the situation in the oil markets and is prepared to take any additional measures in cooperation with OPEC+ and other producers," the cabinet said in a statement cited by the official Saudi Press Agency. It said cabinet reiterated that the kingdom is constantly working to achieve stability in the oil market, reaffirming a commitment along with Russia to implement agreed output cuts over the next two years. Under the deal, which ended a bitter price war amid a supply glut with the coronavirus pandemic battering global demand, Riyadh and Moscow will cut 2.5 million barrels per day each. The OPEC+ group of major producers last week agreed record production cuts of 9.7 million bpd to prop up prices that had shed more than 60 percent as the COVID-19 illness shut down businesses worldwide. Producers outside the alliance pledged to cut an additional 3.7 million bpd. But that was not enough to prevent crude prices plunging into negative territory for the first time on Monday. US benchmark West Texas Intermediate crashed to close in New York at minus $37.63 per barrel amid a perfect storm of low demand, an output gult and a lack of storage. The OPEC+ agreement calls for full-scale cuts over the months of May and June, with limited increases for the rest of the year. Algeria, another large producer and highly dependent on crude export revenues, said it had taken the necessary measures to deal with falling prices, according to the official news agency APS. "We foresaw this crisis, and we took precautions," said spokesman Belaid Mohand Oussaid, according to the report. "We still have the crisis under control, and we hope the global oil market will catch its breath soon and prices will level." Oil prices continued to slide on Tuesday with the international benchmark Brent crude dropping briefly below $19 a barrel for the first time in two decades. US West Texas Intermediate crude rebounded but still was trading at - $2.39 a barrel. bur-oh/dm/par
schema:headline	Saudi says closely monitoring oil markets, ready to act
schema:mentions	OPEC Riyadh Barrel Algeria 2010 Tarco Airlines Antonov An-24 crash Moscow Saudi Arabia Russia New York City Pandemic Coronavirus Severe acute respiratory syndrome coronavirus 2 Record producer Saudi Press Agency Price war Brent Crude West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-21 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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