OPEC+ debates biggest-ever oil cut as pandemic crushes demand
FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo
U.S. President Donald Trump said on Thursday he had spoken with both Russian leader Vladimir Putin and Saudi Crown Prince Mohammed bin Salman and they agreed to reduce supplies by 10-15 million bpd out of a total global supply of around 100 million bpd. White House economic adviser Larry Kudlow said Trump will fight any international collusion in energy markets that would hurt U.S. producers, but that the administration cannot dictate to oil producers.
“The U.S. needs to contribute from shale oil,” an OPEC source said. Russia has long expressed frustration that its joint cuts with OPEC were only lending support to higher-cost U.S. shale producers. Canadian Prime Minister Justin Trudeau said he has had direct communication with OPEC and the United States, while the Norwegian oil and energy ministry declined to comment on Friday on whether Western Europe’s largest producer could cut its oil output to help support prices.
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OPEC+ debates biggest ever cut as virus destroys oil demandOPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
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OPEC and allies reportedly set for video meeting as analysts pour skepticism on Trump's interventionOil producer group OPEC and its partners will reportedly hold an emergency virtual meeting on Monday.
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OPEC+ debates biggest ever cut as virus destroys oil demandOPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
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Brent crude could still drop to $10 a barrel and stay there in Q2: IHS MarkitOil 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.
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OPEC and allies reportedly set for video meeting as analysts pour skepticism on Trump's interventionOil producer group OPEC and its partners will reportedly hold an emergency virtual meeting on Monday.
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