The world's top crude oil producers, Saudi Arabia, Russia and the United States, remained at odds on Wednesday over how to shore up global crude prices hammered by the coronavirus crisis and a price war, as meetings on the topic loomed this week.
WASHINGTON/DUBAI/LONDON - The world’s top crude oil producers, Saudi Arabia, Russia and the United States, remained at odds on Wednesday over how to shore up global crude prices hammered by the coronavirus crisis and a price war, as meetings on the topic loomed this week.
Trump added that he had “lots of good options” if OPEC+ fails to reach a deal, but did not elaborate. “We have a tremendously powerful energy industry in this country now, No. 1 in the world, and I don’t want those jobs being lost.” While U.S. antitrust law prevents oil producers in the United States from colluding to prop up prices, it does not prevent state regulators or the federal government from ordering lower production levels, according to legal experts.
Russia is ready to cut its oil output by 1.6 million barrels per day, according to a TASS news agency report citing an unnamed Energy Ministry official on Wednesday. A spokeswoman for the ministry said Russia was ready to participate in a deal alongside other countries. Iranian Oil Minister Bijan Zanganeh warned that “in the absence of any clear and consensual outcome”, a failure of talks could “aggravate the current low-price environment even further”.
France Dernières Nouvelles, France Actualités
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