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Monday, April 6, 2020
The planned OPEC+ meeting between OPEC members and non-OPEC members that had been supporting productions cuts prior to the last meeting in which Russia and Saudi Arabia clashed, has been pushed back. The meeting was scheduled for Monday but is now tentatively scheduled for Thursday.
The United States, United Kingdom, Brazil, Canada and Mexico could also be invited to the meeting which is to be held by teleconference.
Oil prices have fallen by 50% since January and demand continues to tumble due to the pandemic and global economic slowdowns. Demand has dropped by about 20%.
Analysts say 10-15 million barrels per day must be taken off the market to have any chance of propping up prices. However, they say, other major players such as Brazil, Canada, and the United States must also contribute to reach such a dramatic cut.
US President Donald Trump is pressuring both Russia and Saudi Arabia to come to an agreement and has meanwhile agreed to buy supplies from US suppliers to stock the US Strategic Reserve and help out producers.
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