• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days What fool thought this was a good idea...
  • 11 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 6 days A question...
  • 11 days They pay YOU to TAKE Natural Gas
  • 17 days The United States produced more crude oil than any nation, at any time.

OPEC Invites U.S. Oil Official To Production Cut Meeting

OPEC will invite the U.S. oil regulator to take part in the emergency OPEC+ video meeting on Monday, a source involved in the preparation of the meeting told Russian news agency TASS on Friday.

The OPEC+ group of producers will meet online on April 6 to discuss a possible massive production cut of around 10 million bpd, according to several media reports.

However, the OPEC+ coalition would likely want all major producers in the world to take part in a collective cut, including producers such as the United States, Canada, Brazil, or Norway.

On Thursday, OPEC’s top producer and de facto leader Saudi Arabia called for the emergency meeting of OPEC+ and “another group of countries” to try to find “a fair solution” to the current market imbalance, after U.S. President Donald Trump said that he hoped and expected that Saudi Arabia and Russia would “cut back approximately 10 Million Barrels, and maybe substantially more.”  

President Trump hasn’t mentioned any involvement of the U.S. in possible cuts, but he is scheduled to meet oil executives later on Friday and over the weekend to discuss the collapse of the oil prices and the subsequent impact on U.S. shale producers.

Related: Iraq On The Brink Of Civil War As Oil Revenues Evaporate

Texas Railroad Commissioner Ryan Sitton discussed on Thursday the state of the oil market and the prospect of taking 10 million bpd off the markets with Russian Energy Minister Alexander Novak. 

Last month, Sitton spoke with OPEC’s Secretary General Mohammad Barkindo and said that “we all agree an international deal must get done to ensure economic stability as we recover from COVID-19. He was kind enough to invite me to the next OPEC meeting in June.”

According to analysts, first, a deal involving the U.S. would be difficult to reach, and second, even 10 million bpd may not be able to erase the glut as global demand is currently falling by 20 million bpd and even more due to the widespread lockdowns around the world.  


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News