Saudi Arabia Seeks Urgent OPEC+ Meeting To Stabilise Oil Market

03 Avril, 2020, 00:58 | Auteur: Auguste Feret

West Texas Intermediate crude oil futures for May delivery touched a session low of $19.90 a barrel, down 2.8 percent, in the moments after the new data was disclosed, though they pared some of the losses later.

Trump tweeted; "I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!"

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher shortly after the regular session opening on Thursday after President Donald Trump talked up the possibility of Saudi and Russian Federation ending a price war that has contributed to crude's massive plunge.

But the Kremlin denied Putin had spoken to the crown prince.

It came as global demand for crude oil was predicted to be nearly 23% lower this month than it was a year ago, according to research firm Rystad Energy.

Peskov declined to comment when asked if the two leaders had discussed Saudi Arabia during their call. While Wednesday's percentage rise sounds impressive it pales into insignificance when compared to the 65%+ fall in crude in Q1 - over $40/bbl. - its worst quarterly performance in history.

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China's move helped to boost prices in a week when the oil market experienced an extremely rare situation.

Saudi Arabia also called for an emergency meeting of Opec and non-Opec oil producers to reach a fair oil agreement that stabilises the oil market, according to the state news agency SPA.

The Canadian dollar traded for 70.74 cents U.S. compared with an average of 70.34 cents U.S. on Wednesday. "The market is starting to signal that not only is there no demand for this crude, eventually there could be nowhere for it to go", an analyst said.

The American oil industry, which Mr Trump described as having been "ravaged", has just seen the first stock market-traded casualty of the collapse in oil prices. USA shale production has upended global oil markets in recent years, making the country the world's leading producer.

"At 469.2 million barrels, USA crude oil inventories are near the five-year average for this time of year", the weekly report said.



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This hit to demand could lead to additional softness in the oil price. "This would help drillers store excess crude", it said. "Both know what they have to do", Mr Trump said at the White House.

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