DUBAI, April 10 — Top oil nations were finalising a deal at G20 talks today for big output cuts to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking a lion’s share and signs the United States might take unprecedented moves to help. Riyadh, Moscow and its allies,...
Friday, 10 Apr 2020 11:46 PM MYT
Riyadh, Moscow and its allies, which make up the informal Opec+ group, had forged a pact to curb crude production by the equivalent of 10 per cent of global supplies in marathon talks yesterday and said they wanted others to cut a further 5 per cent.
“We call on all nations to use every means at their disposal to help reduce the surplus,” US Energy Secretary Dan Brouillette told the G20 talks, adding that it was “extremely disappointing” that Moscow and Riyadh had not finalised a deal. Kremlin spokesman Dmitry Peskov said producers were working to win over Mexico and said action involving others was “unavoidable”, even though he acknowledged US law barred American producers from joining any price cartel.Suggesting a softening US line, Mexican President Andres Manuel Lopez Obrador said Trump had agreed help out by cutting additional US output after Mexico offered Opec+ a cut of just 100,000 bpd, a quarter of what the group demanded.
“This whole agreement is hinging on Mexico agreeing to it,” Saudi Energy Minister Prince Abdulaziz bin Salman told Reuters, adding he hoped it would “see the benefit of this agreement not only for Mexico but for the whole world. The crisis in the oil market has pushed Russia and Saudi Arabia to patch up differences after their acrimonious Opec+ meeting in March where a dispute over how best to tackle falling prices led them to scrap their existing pact on production restraint that had helped balance the market for three years.
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