OPEC may decide on slashing output, but sources say a deal hangs on whether the U.S. agrees to curb its production too
Crude has collapsed in 2020 because of a slide in demand due to the coronavirus pandemic and excess supply. Brent dropped to $21.65, its lowest since 2002, on March 30.
Market sentiment rose on expectations a deal could be reached after media reports suggested Russia would cut its output and Algeria’s energy minister said he expected a “fruitful” meeting.Russia is ready to cut its oil output by 1.6 million barrels per day, TASS news agency reported, citing an unnamed Energy Ministry official the day before the online conference.
While OPEC sources have said a deal to cut production is conditional on participation of the United States, doubts remain as to whether Washington will contribute.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Oil prices jump on hopes for OPEC, Russia meeting on output cutsOil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.
Lire la suite »
Oil futures higher on production cut hopes as inventory build limits gainsCrude prices edged up on Wednesday, buoyed by hopes that OPEC and its allies will strike a production cut agreement, but surging U.S. crude inventories muted the gains.
Lire la suite »
Oil rises 3% on hopes for output cut as coronavirus ravages demandOil prices gained on Tuesday as hopes rose that the world's biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected.
Lire la suite »
Occidental Petroleum opposes possible Texas oil curtailments: letterOccidental Petroleum Corp said on Thursday that it opposes Texas oil and gas regulators imposing production limits.
Lire la suite »
Dow surges 780 points on COVID-19 recovery efforts as oil prices spike | Markets InsiderUS stocks gained on Wednesday as investors cheered a slowdown in new US coronavirus cases and the White House's early plans for economic recover...
Lire la suite »
Colorado Girl Who Inspired 'Charlotte's Web' Medical Marijuana Oil Dies at 13Charlotte Figi was recently hospitalized because she had not recovered from a virus that had hit her whole family
Lire la suite »