In a statement to “Sada” Economic Newspaper, the Oil Expert Moncef Al-Shalawi claimed that oil prices rose on Monday after major producers finally agreed their biggest-ever output cut during four days of wrangling under direct pressure from US President Donald Trump.

The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.

Moncef Al-Shalawi stressed that it was the single largest cut in output ever to save oil prices which have plunged more than 40% in early March when Russia and Saudi Arabia commenced a price war.

“On Monday, brent crude futures rose to $32.77 a barrel. This rise comes in accordance with the law of the market (supply and demand) as OPEC+ agreed to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply,” Al-Shalawi stressed.

 The Oil Expert emphasized that the supply deal was about four times bigger than the action taken during the 2008 international financial crisis

On the other hand, he doubted the results of the reduction, and the inadequacy of this cut in output to prevent the supply glut under the haunting demands due to the Coronavirus pandamic.