MOSCOW/LONDON/DUBAI (REUTERS) - Top oil nations pushed to finalise a deal on sweeping oil cuts at Group of 20 (G-20) talks on Friday (April 10) to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion's share and the United States showing unusual willingness to help out.. Read more at straitstimes.com.
MOSCOW/LONDON/DUBAI - Top oil nations pushed to finalise a deal on sweeping oil cuts at Group of 20 talks on Friday to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking the lion's share and the United States showing unusual willingness to help out.
But prices failed to rally after Thursday's talks on cuts, because even an unprecedented cut of 15 per cent in global supplies would still leave a huge overhang when demand has plunged 30 per cent. Russian energy minister Alexander Novak and Opec+ sources have called for an additional five million bpd to be withdrawn by the United States and others.Russia said Canada could cut up to one million bpd, however, Canada's Natural Resources Minister Seamus O'Regan said ministers at the G-20 talks agreed on the need for oil price stability but did not discuss"numbers" for production cuts.
'HINGING ON MEXICO' Mexican President Andres Manuel Lopez Obrador said Trump agreed to help by cutting more US output after Mexico offered Opec+ a cut of just 100,000 bpd, not the 400,000 bpd demanded.
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