Oil prices are sitting around two-decade lows, hit by the virus and a Saudi-Russia battle for market share
“Because of the coronavirus pandemic, if we don’t reduce daily oil production by 15 million barrels per day in May, we will see an excess of supply which will cause a price shock,” Zanganeh said. At the beginning of the meeting, OPEC Secretary General Mohammad Barkindo warned that the rapid economic damage wrought by the virus meant the industry’s “supply and demand fundamentals are horrifying”.
Saudi Arabia will on Friday host a separate virtual gathering of energy ministers from the G20 group of major economies in a similar bid to ensure “market stability”. “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.The US is battling to breathe new life into its shale industry, which has transformed the nation into the world’s top producer, but which cannot sustain its high cost base as prices collapse.
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