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Yahoo BusinessJun 06, 2020
OPEC Meets to Extend Cuts That Trump Says Saved Oil Sector
(Bloomberg) -- OPEC gathers on Saturday to ratify a deal for at least an extra month of record production cuts that U.S. President Donald Trump said saved the American oil industry.After a week of cajoling by Saudi Arabia and Russia, the cartel's members were ready to prolong almost 10 million barrels a day of output curbs to the end of July, instead of easing them as previously planned.The imminent extension, coupled with a surprisingly good U.S. jobs report, sent crude almost 6% higher to $42.30 a barrel on Friday in London, more than double the price in April.That's eased pressure on the budgets of oil-rich nations and revived the fortunes of energy companies from Exxon Mobil Corp. to shale drillers such as Parsley Energy Inc.Trump himself hailed the recovery on Friday and thanked the cartel's leaders for making it possible."Just a month ago. We had a disaster with respect to energy. It was down to zero, it was worthless," Trump said at the White House. "We saved that industry in a short period of time. And you know who helped us? Saudi Arabia and Russia."Bumpy RoadThe unlikely celebration in Washington came at the end of a long road that could still have some unwelcome twists and turns.There's no guarantee that Trump, who for most of his presidency has been openly hostile to the Organization of Petroleum Exporting Countries, won't return to accusations of market manipulation and price gouging when it suits him.The partnership at the heart of OPEC -- between Saudi Arabia and Russia -- was only recently pat
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