[DUBAI] 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. Read more at The Business Times.
The idea that the United States could cooperate with Opec and others to fix global prices was once unthinkable, but has now become a live point of debate after a decade-long drilling boom turned it into the world's biggest oil and gas supplier.
Opec+, which includes the Organization of the Petroleum Exporting Countries, Russia and other producers, is scheduled to hold a meeting on Thursday by a video conference.Riyadh has yet to publicly indicate any agreement on the level of any reductions or how to distribute them. Sources close to Opec have said there will be no deal without a US cut.
Saudi Arabia ramped up output to a record 12.3 million bpd in April, from below 10 million bpd in March. Oil prices, which fell to their lowest in almost two decades in March, are still trading at half their level from the end of 2019, before the coronavirus crisis prompted governments to tell people to stay home and fuel demand plummeted.The US Energy Information Administration said on Wednesday that oil output dropped 600,000 barrels per day last week. Its longer-term projections show U.S.
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