Global oil markets were experiencing unprecedented volatility in March and April 2020, with spot U.S. crude oil trading between $47 and negative $37 a barrel. By May the world was beginning to absorb the economic shutdown. It became clear that the drop in oil demand would endure for more than a few weeks.
That month several energy ministers approached Energy Secretary Dan Brouillette with a stunning offer: They wanted the U.S. to start regularly coordinating energy supply with the Organization of the Petroleum Exporting Countries. It was an offer to join in the Declaration of Cooperation—the pact that created OPEC+, a powerful cartel that includes the original OPEC member countries and 10 other states.
