Global Oil Cuts

Gross domestic product shrunk 4.5% in the third quarter compared to a year earlier, driven by a 17% drop in the oil economy

The unexpected build in fuel inventories raised concerns over consumption by the world's top oil user, especially as travel demand grew during the Memorial Day weekend

London-based BP has previously said it plans to cut its overall output by roughly 1 million barrels of oil equivalent (boepd) by the end of 2030 from its current 3.6 million boepd

The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump

The current version of the deal by the so-called Opec+ coalition calls for production cuts of 1.2 million barrels a day

The group's spare capacity has ballooned to about 3.4 million barrels a day, as of November, compared with about 2 million a day at the outset of the production curbs