Saudi Arabia is a supporter of further cuts but Russia may be harder to convince. FMTNews SaudiArabia Opec Virus Coronavirus Covid19
People stand in front of the headquarters of the Organization of the Petroleum Exporting Countries in Vienna.
However, it remains to be seen whether the Opec+ states – Russia in particular – will be prepared to countenance such a large cut. The effects of the virus on global demand – particularly in worst-hit China – has blown a hole through the group’s attempt to support prices at its last meeting in December by agreeing on production cuts of 500,000 barrels per day.The success of the summit, which has been called three months ahead of the next scheduled meeting, will above all hang on the alliance between Saudi Arabia and Russia, the most important players in the Opec and Opec+ groupings respectively.
“An agreement to reduce the Opec+ group output level by at least one million barrels per day is imperative; otherwise oil prices will re-visit the recent lows and possibly break below them,” said analyst Tamas Varga of PVM Oil Associates.Aside from bridging their differences on the effect of the virus on the market, the assembled officials are also having to accommodate changes to their routines in Vienna.
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