• 7 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 9 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 6 mins Most ridiculous green proposal
  • 12 hours The Green Hydrogen Problem That No One Is Talking About
  • 3 hours Biden's laptop
  • 8 mins QUESTION: With worldwide 1.4 Billion passenger vehicles and 360 Million commercial vehicles using combustion engines how long before gasoline and distillates measurably decline. .
  • 7 hours Rethinking election outcomes for oil.
  • 2 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 1 day China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 5 hours DOJ confirms FBI investigating Hunter Biden since last year for money laundering.
  • 12 hours Making diamonds from thin air
  • 6 hours P@A will cost Texas Taxpayers $117 Billion.
  • 1 min Video Evidence that the CCP controls Joe Biden
Could Fracking Help Save Colombia’s Oil Dependent Economy?

Could Fracking Help Save Colombia’s Oil Dependent Economy?

Colombia’s economy is teetering on…

Will A Fracking Boom Ever Happen In Mexico?

Will A Fracking Boom Ever Happen In Mexico?

Mexico has a massive shale…

Is Brazil’s Oil Boom Immune To COVID?

Is Brazil’s Oil Boom Immune To COVID?

Despite low oil prices and…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Will Ignore Oil Markets In G-20 Video Summit

The oil market will not be a topic of discussion at the G-20 video summit later on Thursday, the Kremlin spokesman Dmitry Peskov told reporters when asked about the agenda of the summit. 

The virtual host for the G-20 event will be Saudi Arabia, OPEC’s leader and Russia’s former partner in managing the oil market.

“The topic of oil – no, but the topic of the economic repercussions of the coronavirus on the global economy will not remain undiscussed,” Peskov, spokesman for Russia’s President Vladimir Putin, told Russian media on Thursday, as carried by TASS.

“I repeat, the main topic will be the international efforts to combat the coronavirus,” Peskov said, answering a question whether the G-20 leaders would discuss the situation on the oil market.

Due to the Saudi-Russian oil price war and the plunging demand as economies remain under lockdown, the situation on the oil market is such that no major oil-producing nation will exit unscarred. Oil at below $30 a barrel is unsustainable for the indebted U.S. shale industry, which cannot make any money at these prices. But the situation on the market is not forever sustainable, even for Saudi Arabia and Russia. They both will need to tap into their sovereign wealth funds to patch up budget shortfalls from lower revenues at $30 oil. Related: World’s Largest Oil Trader Says Demand Could Plummet By 20 Million Bpd

The G-20 call is expected to touch on the situation on the oil market, not least of the oil and oil demand’s importance in the global economy, a person with knowledge of the plans told Bloomberg.

The U.S. is said to be pressing Saudi Arabia to “rise to the occasion” and reassure the oil markets. U.S. Secretary of State Mike Pompeo spoke with Saudi Crown Prince Mohammed bin Salman on Wednesday, and “we agreed all countries need to work together to contain the pandemic and stabilize energy markets,” Secretary Pompeo said.

The U.S. plans to press the Saudis to give up on their plans to significantly boost production from April 1, using the G-20 summit to do so, the Wall Street Journal reported on Wednesday, citing people with knowledge of the matter.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News