Oil sinks as Russia, Saudis postpone talks

06 Avril, 2020, 17:40 | Auteur: Auguste Feret
  • Aramco Delays Oil Pricing Amid Saudi Russia Row on Oil Cuts

Crude oil slipped after OPEC and Russian Federation postponed a meeting that could end a price war and reduce a supply glut that has driven oil futures to their lowest in decades.

Further delays to an OPEC+ supply-cuts agreement could see Oil prices unravelling more of last week's 50 percent gains, as investors' hopes wane further over OPEC+'s will to stabilize markets amid a global recession.

The United States has amassed 337,915 cases and 9,662 deaths.

"If the oil price stays the way it is ..."

Neither country has confirmed his comments, but Trump expects tariffs can be avoided. After meeting with industry executives on Friday, Trump said he was not considering tariffs at the moment, but it was a tool that could be used "if we're not treated fairly".

Russian Federation and Saudi Arabia have also disagreed so far about how they would calculate the cuts, according to a person familiar with the talks.

Experts said the oil war may strain the relationship between the two countries.

The talks still face significant obstacles: a meeting of producers from OPEC+ and beyond - delayed from Monday - is only tentatively scheduled for Thursday as negotiators race against the clock.

Saudi Arabia's decision to postpone its posting of the global prices for its crude for the first time indicates that it is not eager to flood the market with low-cost crude before a potential agreement.

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"We totally support Saudi Arabia. and its current efforts in bringing Opec and non-Opec countries back to the table", Khaled al-Fadhel told Reuters by telephone.

Rig counts in the United States fell by 62 last week, energy services firm Baker Hughes Co said on Friday, marking the biggest weekly drop in five years, as US energy companies slashed spending on new drilling due to a coronavirus-related slump in economic activity and fuel demand. The sharp price decline threatens to bankrupt higher-cost USA oil producers and wipe away thousands of American jobs tied to the industry, officials and analysts have said.

'We have to save a great industry, ' he said.

"Look, I've been against OPEC all my life", Trump said.

The Organization of the Petroleum Exporting Countries (OPEC) and non-member partners were expected to discuss reductions in oil output via video conference on Monday, but they delayed their emergency meeting until Thursday.

The New York Stock Exchange Opening Bell rings on Friday.

Still, a move by Saudi Arabia to delay the release of its crude official selling prices indicates it is not eager to flood the market with cheap supplies before a potential agreement, said Robert McNally, president of Rapidan Energy Group in Bethesda, Maryland.

The alliance was key to competing with a surge in American oil production that turned the United States into a major crude exporter for the first time in decades.

"That's a pretty clear sign that they are open to cutting production in May", he said.

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