Reuters


DUBAI/LONDON (Reuters) – The world’s top oil producers Saudi Arabia, Russia and the United States still seemed at odds on Wednesday before this week’s meetings on potentially big output cuts to shore up crude prices that have been hammered by the coronavirus crisis.

World's biggest oil producers still at odds before talks on major cuts- oil and gas 360

Source: Reuters

Saudi Arabia and Russia, which fell out when a previous pact on curbing supplies collapsed in March, have signalled they could agree deep cuts to crude output but only if the United States and others outside a group known as OPEC+ joined in.

But the U.S. Department of Energy said on Tuesday that U.S. output was already falling without government action, echoing views from the White House that it would not intervene, even as global demand for crude has plunged by as much as 30%.

U.S. President Donald Trump said last week a deal he had brokered with Saudi Arabia and Russia could lead to cuts of as much as 15% of global supplies, an unprecedented level.

Yet Moscow and Riyadh have yet to publicly indicate any agreement on the level of any reductions or how to distribute them among OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other producers.

“Let’s wait for tomorrow or the day after,” said Kremlin spokesman Dmitry Peskov, when asked about Russia’s position before Thursday’s OPEC+ talks.

Energy ministers from the Group of 20 nations (G20) also hold a video conference.


Legal Notice