OPEC-Russia Meeting Delayed
OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war.
The meeting is now scheduled for April 9, an OPEC source told CNN on Saturday. Called by Saudi Arabia, the meeting comes after US President Donald Trump suggested that massive production cuts could be on the way and Saudi Arabia called for an "urgent" effort to restore "balance" to the oil market.
Saudi Arabia and Russia have been locked in an epic price war since early March when the OPEC+ oil alliance cracked, flooding the oil market with cheap crude just as demand craters because of the coronavirus pandemic. Crude has crashed to 18-year lows, crushing American oil companies and energy stocks.
The meeting will be held via video conference and will include oil producers from outside the OPEC+ alliance that includes Russia and a few other countries, two senior sources at the OPEC secretariat told CNN Business. The final list of invitees has not yet been set, they said.
The United States, United Kingdom, Canada and Mexico could be invited, according to reports.
Trump, who met on Friday at the White House with US oil executives, said he’s optimistic that Saudi Arabia and Russia will reach a deal to end their price war that erupted early last month.
"I think President Putin and the crown prince want something to happen badly," Trump said, according to a White House readout of the meeting, referring to Saudi crown prince, Mohammed bin Salman (MbS).
US oil prices soared 25% — their biggest one-day gain on record — on Thursday after Trump tweeted that he hopes and expects Saudi Arabia and Russia will slash output by between 10 million and 15 million barrels per day. Prices continued to advance Friday, recovering some of the massive plunge seen over the past month.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
