“We’re optimistic that they’ll reach an agreement between the Saudis and Russians in an effort to stabilize the markets,” Energy Sec. Dan Brouillette says, ahead of today’s key OPEC+ meeting.
Some of the gains were pared after a Kremlin spokesman said Russian President Putin had no plans to discuss oil policy with President Donald Trump, according to a report from Reuters. Saudi Arabia also reportedly said any output cut would be from the elevated production levels it reached this month, according to Reuters citing a source briefed on Saudi Policy.
The meeting comes as relations between some of the world's largest producers has grown fraught, and Saudi Arabia and Russia have signaled that any cut would need to include action from non-OPEC nations such as the U.S., Canada and Norway. The G-20 presidency said Tuesday that the meeting would be held "to foster global dialogue and cooperation to ensure stable energy markets and enable a stronger global economy."
"There are several land mines lurking right below the surface that could still blow up the negotiations at the 11th hour," she said in a note to clients Thursday. Since early March, the outlook for oil has changed drastically as the pandemic spread, with much of the world now staying home. Oil prices sank to their lowest level in nearly two decades. WTI and Brent both fell more than 50% in March for their worst month on record. The first quarter was also the worst in history, with WTI shedding 66%, while Brent fell 65%.
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