Experts warn that without concerted action the commodity risks a steep sell-off.
Algeria’s Energy Minister Mohamed Arkab also warned of “an intolerable free-fall” in the market, according the APS agency. Kremlin spokesman Dmitri Peskov in a press briefing on Thursday declined to give details, only saying Russia was in favour of “coordinated action to stabilise the global oil market”.“The extraordinary producing-countries meeting is the only hope on the horizon for the market that could prevent a total price collapse,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.
Compounding the problem, Riyadh and Moscow have both ramped up output in a bid to hold on to market share and undercut US shale producers.“Saudi Arabia and Russia have been extremely clear that they will cut production if — and only if — other major oil producers join in as well,” said SEB oil analyst, Bjarne Schieldrop.
May pandemic na nga Nakisawsaw pa kasi saudi at Russia. Hay naku.
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