DUBAI (REUTERS) - Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three Opec+ sources told Reuters on Monday (April 6).. Read more at straitstimes.com.
DUBAI - Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three Opec+ sources told Reuters on Monday .
The US has not committed to taking part in any deal, which US President Donald Trump has said could take 10 per cent to 15 per cent of world supply off the market. US companies cannot coordinate production due to antitrust laws. Russia and Saudi Arabia have long been frustrated that curbs by Opec and others have left a gap that has been filled by shale oil firms in the United States, which became the world's biggest producer.
"In the United States we have a free market and the industry will adjust on its own," he said. US Energy Department officials did not respond immediately to a request for comment. ANTITRUST ISSUES While antitrust laws prohibit US oil producers from taking steps to push up oil prices, curbing output would be legal if state regulators or the federal government set lower production levels, antitrust experts said.Last week, Russian President Vladimir Putin said Opec+ cuts could amount to around 10 million bpd, or some 10 per cent of global output. Russian production reached 11.29 million bpd in March.
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