LONDON, April 8 ― Saudi Arabia, Russia and allied oil producers will agree to deep cuts to their crude output at talks this week only if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis. However, the US Department of...
Global oil demand has dropped by as much as 30 per cent, or about 30 million barrels per day , as measures to reduce the virus' spread have caused demand for jet fuel, gasoline and diesel to crash. — Reuters pic
While Saudi Arabia, Russia and other members of the group known as Opec+ have expressed willingness to return to the bargaining table, they have made their response conditional upon actions by the United States and other countries that are not members of Opec. No agreement has yet been formalised. After the Opec+ talks, Saudi Arabia will host a video conference on Friday for energy ministers from the Group of 20 major economies to alleviate the effects of the pandemic on energy markets, the group said in a statement yesterday.
Three-plus years of production curbs by Opec+ left an opening for the United States to gain market share as it boosted shale production to push national output to 13 million bpd, the most worldwide.
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