Oil prices have slid to near two-decade lows, hit by the virus and a Saudi-Russia battle for market share. — AFP file pic
The G20 talks, to be hosted by top exporter Saudi Arabia at 12 GMT today, are expected to seal the deal more widely with non-Opec countries in the group including Mexico, the United States and Canada. The production cut agreement hinges on Mexico’s consent for it to take effect, the Organization of the Petroleum Exporting Countries said early today after an hours-long meeting.
But Stephen Innes, an analyst at AxiCorp, said the supply cuts were “less than the market hoped for” given the hit to demand from coronavirus lockdowns throughout the world. While the US is not in the Opec or Opec+ groups, it is supportive of a reduction in supply in order to stabilise prices and breathe new life into its shale industry.
Source: Energy Industry News (energyindustrynews.net)
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