OPEC-Russia meeting postponed to April 9

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The meeting is now scheduled for April 9, an OPEC source told CNN on Saturday.

The meeting, convened by Saudi Arabia, comes after President Donald Trump suggested that massive production cuts may be underway and that Saudi Arabia called for an “urgent” effort to restore “balance On the oil market.

Saudi Arabia and Russia have been locked in an epic price war since the start of March, when the OPEC + oil alliance cracked, flooding the market for cheap petroleum oil as well as the demand craters due to the coronavirus pandemic. Crude oil fell to its lowest level in 18 years, crushing oil companies and US energy stocks.

The meeting will be held by videoconference and will bring together oil producers from outside the OPEC + alliance, which includes Russia and a few other countries, two senior sources from the OPEC secretariat told CNN Business. The final guest list has not yet been finalized, they said.

US, UK, Canada and Mexico may be invited, reports say

Trump, who met with US oil leaders at the White House on Friday, said he was optimistic that Saudi Arabia and Russia would reach an agreement to end their price war which broke out earlier this month. latest.

“I think President Putin and the crown prince want something to go wrong,” said Trump, according to a reading from the White House meeting, referring to Saudi Crown Prince Mohammed bin Salman. He added that he had spoken to both the Russian leader and Prince bin Salman.

Saudi Arabia and Russia would like the United States, the world’s largest oil producer, to join emergency reductions to stop the fall in oil prices.

American Petroleum Institute CEO Mike Sommers, who was at the meeting, told CNN Business that the possibility had not been discussed.

The official Saudi news agency said on Saturday that the Saudi Minister of Energy, Prince Abdulaziz bin Salman Al Saud, “always welcomes all those who wish to find solutions to the challenges of the oil market.”

Trump tweeted on Thursday that he hoped and expected that Saudi Arabia and Russia would cut production from 10 to 15 million barrels a day.

Prices continued to rise on Friday, recovering some of the massive drop seen in the past month.

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