Trump Says He May Join Possible Saudi-Russia Talks On Oil's Slump

02 Avril, 2020, 05:57 | Auteur: Auguste Feret
  • United States Oil gains as US considers production cuts

World oil demand, normally around 100 million barrels a day, will likely be down by 30 millions barrels a day in April and has yet to bottom out as lockdowns due to the virus continue, Chris Bake, an executive committee member at trader Vitol said on Tuesday. Global benchmark Brent crude fell 66% in the first three months of 2020 - its biggest ever quarterly loss.

June Brent crude fell $1.45, or 5.5%, to $24.90 a barrel.

The market has slumped on pledges of higher output from Saudi Arabia and Russian Federation after a supply pact collapsed and the sharp fall in demand because of the coronavirus pandemic. U.S. West Texas Intermediate crude was down 27 cents, or 1.3%, at $20.21.

Underlining supply glut fears, the American Petroleum Institute, an industry group, reported USA crude inventories rose by 10.5 million barrels, far exceeding forecasts for a 4 million barrel increase.

"April will be one of the toughest months in history for oil and this is no April fool's joke", said Bjornar Tonhaugen of Rystad Energy.

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Saudi Arabia's oil supply shot up to more than 12 million barrels per day (bpd), industry insiders and worldwide media outlets reported, giving rise to the fears of an imminent price war. "There's nowhere to hide from this tsunami of oversupply".

Attention will focus on USA government figures due on Wednesday to confirm the API figures.

"Saudi policy will not just drive more expensive forms of oil production out of the market; it will also make it harder for renewable energy to compete with fossil fuels", said Bernard Haykel, a Saudi expert at Princeton University.

Earlier in the day, Trump had said he may consider joining talks between Saudi Arabia and Russian Federation over a steep decline in oil prices caused by the two countries.

What's next: As their constituents continue to lose jobs, Saudi Arabia may no longer be able to count on the support of Republican Iran hawks to defend against ongoing legislative efforts to end United States involvement in Yemen and sanction Saudi officials involved in the 2018 murder of journalist Jamal Khashoggi. In an apparent show of force, Aramco was loading a record 15 tankers with 18.8 million barrels of oil on a single day earlier this week, according to another official and a tweet from the company. We hope that we have succeeded by giving you the full details and information.



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