DUBAI, April 9 ― Opec and Russia meet today to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the coronavirus pandemic have been complicated by mutual animosity and the reluctance of the United States to join the action. Global fuel demand...
Crude prices have slumped below the cost of production for many producers, including the booming US shale oil industry. — Reuters pic
US President Donald Trump said last week a deal he had brokered with Opec leader Saudi Arabia and Russia could lead to cuts of as much as 10-15 million barrels per day or 10-15 per cent of global supplies, an unprecedented reduction. Saudi Arabia and Moscow have yet to publicly indicate any agreement on reductions or how such a deep cut would be distributed among the Organization of the Petroleum Exporting Countries, Russia and other producers.
The Opec+ meeting today via video conference will be followed by a meeting of energy ministers from the Group of 20 nations tomorrow. At that meeting, Russia refused to participate in cuts proposed by Saudi Arabia in response to the coronavirus crisis. In response, Riyadh said it would pump at maximum capacity and flooded an already oversupplied market with extra crude.
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