WorldOil Saudis, Russians plan to work together at June’s OPEC+ meeting Russia and Saudi Arabia agreed to closely coordinate on the OPEC+ output cuts deal, two weeks ahead of a crucial meeting of the group. Daily Brief Podcast: Simon Watkins on Saudi moves, Shale 3.0, and recovering demand The real result of Saudi Arabia's production cuts, how recovering global markets impact large and small shale players differently, and what that means for the future of the industry. OPEC+ proves its mettle by swiftly delivering oil production cuts Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts. Daily Brief podcast: A look ahead at the coming week in oil and gas Key trends for the coming week, including a couple of wild cards that could threaten the recovering global oil price and production balance. Saudis reducing oil exports to comply with OPEC+ output cuts The Saudis are voluntarily reducing supply to the lowest level in 18 years as they lead a global effort to drain a glut that has dragged down prices by more than half this year. Russia, Saudi Arabia see recovering demand after production cuts Saudi Arabia and Russia see signs that oil demand is recovering as countries around the world start to relax lockdowns imposed to fight the spread of the coronavirus outbreak. OPEC cuts Q2 demand estimates again while members make deeper cuts OPEC presented a bleaker assessment of global oil markets for the second quarter as the coronavirus crisis continues to drain demand, days after some of the cartel’s biggest producers pledged to make even deeper production cutbacks. Oil slips despite Saudi’s pledge to increase production cuts Oil declined as doubts circulated over Saudi Arabia’s ability to implement additional pledged production cuts. Saudis add 1 MMbbl to output cut to help stabilize oil prices Saudi Arabia announced an extra voluntary oil-production cut of 1 million barrels a day, bringing output to its lowest in 18 years as the kingdom tries to prop up a nascent recovery in energy markets. Brent crude jumps as Saudis raise selling price worldwide “The higher prices by Aramco suggest a recovery of demand and a hint that OPEC+ actually started to cut production in their aim to balance the market,” said Hans van Cleef, senior energy economist at ABN Amro.