MOSCOW/LONDON/DUBAI — Top oil nations struggled to finalize record output cuts at G20 talks on Friday to boost prices slammed by the coronavirus crisis, as Saudi Arabia clashed with Mexico despite U.S. President Donald Trump’s mediation offer.
But efforts to conclude the deal hit the buffers when Mexico said it would only cut output by a quarter of the amount demanded by OPEC+. Hours after talks ended, a G20 communique made no mention of the cuts or quantities, but only referred to “measures to ensure energy market stability.” It remained unclear how the OPEC+ pact could be now finalized.
Brouillette said U.S. output could fall by between 2 million and 3 million bpd by the end of 2020 – a bigger drop over a shorter period of time than officials previously indicated. Oil markets were closed on Friday but prices failed to rally after Thursday’s talks on cuts, because even an unprecedented cut of 15 per cent in global supplies, as envisaged by OPEC+, would still leave a huge overhang when demand has plunged 30 per cent.
The crisis in the oil market has pushed Russia and Saudi Arabia to patch up differences after their acrimonious OPEC+ meeting in March where a dispute over how best to tackle falling prices led them to scrap their existing pact on production restraint that had helped balance the market for three years.
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