"Oil faces a critical week as Saudi Arabia, Russia and other global producers work frantically to secure a deal aimed at stemming the crash in oil prices. The former partners-in-cuts traded barbs over the weekend over who’s to blame for crude’s crash, which led to a virtual meeting being re-scheduled for April 9.
Since the disintegration of the OPEC+ alliance in early March, crude futures have sunk to 18-year lows as excess supply coincides with a pandemic that has cut a third of global demand. While prices have recovered somewhat, producers still face a lack of storage and the prospect of wells closing.
A deal between the world’s oil powers is far from certain, as is U.S. participation in talks. Here’s a look at the latest positions, with OPEC data compiled by Bloomberg and non-OPEC from the International Energy Agency. Russia and Kazakhstan is government data, while those for the U.S. are from the Energy Information Administration. The Organization of Petroleum Exporting Countries and its allies are set to meet by video conference at 4 p.m. Vienna time on Thursday."
Christopher Sell reports for Bloomberg April 6, 2020.
SEE ALSO:
"OPEC+ Likely To Agree To Cut Production If U.S. Joins Effort: Sources" (Reuters)
"U.S. Pushes Back On Call By OPEC+ To Join Big Oil Output Cuts" (Reuters)
"Russia and Saudi 'Very Close' To Oil Deal, Moscow Signals Big Cuts" (Reuters)
"OPEC And Partners Eye A 3-Month Output Cut" (OilPrice)
"Trump on Oil Production Cuts: 'Maybe We Will'" (Energywire)
"US Oil Production Projected To Drop In April As Demand Falls" (The Hill)
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