Canada on Sunday formally welcomed a deal by OPEC and allies to cut oil output by a record amount, saying Ottawa was committed to achieving price certainty and economic stability.
Global shares fell on Monday as investors braced for more signs of economic damage from the coronavirus pandemic although a landmark deal by OPEC and its allies to slash output helped oil prices climb in volatile trade.
Kia Motors Corp told its labour union in South Korea that it wants to suspend operations at three of its domestic factories as the coronavirus outbreak weighs on exports to Europe and the United States, a union official said on Monday.
Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.
Billionaire Richard Branson's space tourism company Virgin Galactic Holdings Inc will keep running as a critical infrastructure business, even as many U.S. states in which it operates have mandated business closures during the coronavirus outbreak.
Iraq's oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic and said they had an unprecedented deal with fellow oil nations, including the United States, to curb global oil supply by 20%.
Oil futures were little changed on Sunday even after major oil producers reached a deal for a record 10 million-bpd output cut, with analysts saying the agreement was insufficient to head off oversupply as the coronavirus pandemic hammers demand.
Oil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook.
Kuwait's oil minister said on Sunday that his country would be cutting more than 1 million barrels per day in actual oil supply, taking into consideration its current April production of around 3.25 million bpd.
U.S. President Donald Trump on Sunday praised a deal among the world's top oil producers to cut global petroleum output, saying it would save jobs in the U.S. energy industry.
The Saudi energy minister said on Sunday that effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day, because of higher output in April from Saudi Arabia, the United Arab Emirates and Kuwait.
An agreement by oil producing nations to cut output by a record amount may sustain a recent bounce in stocks, though stay-at-home restrictions and closures tied to the coronavirus pandemic continue to weigh on the global economy.
Saudi Arabia's king Salman, Russia's president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of OPEC+ meeting during a joint phone call, Saudi state news agency SPA said on late Sunday.
An oil producer deal to make record output cuts will lend some support this week to oil prices that have lost half their value this year as the coronavirus hammers demand.