Opec+ struggles to get Russian buy-in for a deeper oil cut, but it is prepared to extend current supply curbs
Robert Ryan, chief energy strategist at BCA Research also said the absence of a new output deal would depress the market. “We would expect a sell-off in crude oil that takes Brent prices below $50 a barrel, and WTI into the mid-$40s,” he said, referring to the impact of a failure to agree new cuts.
Prices were supported earlier in the session by a lower-than-expected rise in crude oil inventories in the US, alleviating some concerns of oversupply in the world’s biggest oil consumer. US crude stocks rose modestly last week, less than analysts had expected, while US oil exports rose to more than 4-million bpd for the first time since December, suggesting a rise in overseas demand.Concerns over demand growth remains, however. The head of the International Monetary Fund said the global spread of the virus has crushed hopes for stronger economic gains this year.
China’s top gas importer PetroChina has declared force majeure on natural gas imports following the coronavirus outbreak. The company issued the notice, which allows the suspension of contractual obligations because of exceptional circumstances, to suppliers of piped gas and also to at least one liquefied natural gas supplier, although details could not immediately be confirmed.
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