The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday instead of Monday — to try to agree on production cuts.
"I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," said Dmitriev, CEO of the Russian Direct Investment Fund.Some analysts said U.S. participation in any production cuts could improve the prospects of a deal, but the possibility of getting U.S. producers on board is low.
Thom Payne, director of consultancy Westwood Global Energy Group, said the U.S. oil industry is "fragmented." "So, trying to get an equitable position where they can all cut, that's going to be very, very difficult," he told CNBC'sOthers said even if major producers — including those in the U.S. — could agree to reduce output, oil prices are likely to stay low as the coronavirus pandemic is keeping a lid on demand.
Matt Smith, director of commodity research at analytics firm ClipperData, noted that many countries are in lockdown mode as authorities seek to curb the virus spread."Squawk Box Asia""Regardless of what we cut from the supply perspective, you're going to be pushing on a string because you're never going to be able to move enough oil off the market right now or next month to help balance things out here," he added.
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