Saturday, 04 Apr 2020 07:24 AM MYT
The oil market has crashed, with prices falling to US$34 a barrel from US$65 at the beginning of the year, as a result of the coronavirus pandemic. Fuel demand has dropped by roughly a third, or 30 million barrels per day, as billions of people worldwide restrict their movements. Opec producers were waiting to see if the United States commits to any efforts to stabilise the markets, two Opec sources said. They said a deal must include producers from outside Opec+, an alliance which includes Opec members, Russia and other producers, but excludes oil nations such as the United States, Canada, Norway and Brazil.
White House economic adviser Larry Kudlow said Trump will fight any international collusion in energy markets that would hurt US producers, but the administration cannot dictate to oil producers. The Norwegian oil and energy ministry declined to comment yesterday on whether Western Europe’s largest producer could cut output to support prices.
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