Oil prices rallied Thursday on the possibility of a deal to cut production, but Victor Shum of IHS Markit said there's 'little chance' that any OPEC+ deal could save the market.
"We need every producer to come in to agree to a cut and have the cuts enforced," Shum said. "That is a tall order in the limited time we have before the world runs out of crude oil storage."
Analysts have predicted the ceiling will be reached in May or June. That's when market forces will compel producers to lower output, he said. With "no real signs" that Saudi Arabia and Russia have agreed to put aside their differences, it's going to be "tough," he added. "I imagine it will be a brutal, unadulterated market fight and the weak producers will have to shut in their production, in particular in the U.S. shale oil sector."
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
U.S. factory activity in March was weakest since 2009: IHS MarkitThe U.S. manufacturing sector contracted in March, with activity hitting its lowest level since 2009, as the coronavirus pandemic caused widespread shortages, a survey confirmed on Wednesday.
Baca lebih lajut »
U.S. factory activity in March was weakest since 2009: IHS MarkitThe U.S. manufacturing sector contracted in March, with activity hitting its lowest level since 2009, as the coronavirus pandemic caused widespread shortages, a survey confirmed on Wednesday.
Baca lebih lajut »
Oprah Donates $10 Million To Coronavirus ReliefOprah Winfrey is pledging $10 million to coronavirus relief efforts, including $1 million to feed Americans.
Baca lebih lajut »
Getty to create $10-million COVID-19 relief fund for L.A. arts organizationsJ. Paul Getty Trust grants for L.A. arts organizations will range from $25,000 to $200,000. A separate artist fellowship grant will be repurposed to provide support to artists
Baca lebih lajut »
Pro-Trump super PAC targets Biden in first round of swing state adsThe super PAC backing President Trump has targeted $10 million in ads attacking Joe Biden in three key states.
Baca lebih lajut »
MAC Viva Glam Will Donate $10 Million to Covid-19 Relief EffortsSpokesperson Miley Cyrus helped announce the initiative, which will support 250 local organizations working to serve communities impacted by the pandemic around the world.
Baca lebih lajut »