Reuters first to report OPEC+ record oil cut extension; market reacts

On June 6, Reuters was well ahead of the competition reporting that OPEC and allies led by Russia (OPEC+) would extend record oil cuts by one more month into July as they sought to compensate for the impact of coronavirus on fuel demand worldwide. Reuters was also first to report on June 8 that Saudi Arabia and Gulf allies had decided to end voluntary oil cuts after June. The Saudi energy minister later confirmed the news, which contributed to a fall of 3% in oil prices.