Oil prices may now be at a bottom after historic OPEC deal, US energy secretary says [CNBC]
IHS Markit Ltd. Common Shares (INFO)
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Source: CNBC
VIDEO1:4901:49Trump can act 'even more aggressively' in the oil market: US energy secretaryCapital ConnectionThehistoric deal reached by OPEC and its oil-producing alliesOil prices are down more than 55% year-to-date, having experienced the worst price plunges in nearly two decades in the face of record supply, disappearing storage space and global demand eviscerated by coronavirus lockdowns around the world. But they would be even lower if no agreement had been reached, Brouillette told CNBC's Hadley Gamble via phone interview Tuesday."Think about what would have happened in the alternative had there been instead of a cut of 10 million on the part of OPEC and OPEC+, what if that number had been zero, what would we be looking at today suggests that it's probably something much lower than where we are," he said. "And I think we may be at a floor. I think the intent of this conversation with OPEC and the rest of the G-20 countries is simply to do exactly that, to mitigate."U.S. shale hi
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