Expectations for an oil deal discussed at crucial OPEC+ meeting
CNBC • Natasha Turak • 4/8/2020
Although the Saudi - Russia price war hasn't yet waned, QRI's Dr. Nansen Saleri tells CNBC that the global capacity to hold oversupply is limited, and that stalemate is not an option for any of the parties involved.
Some key points in the article:
- Oil markets are facing their greatest moment of uncertainty in decades ahead of an OPEC and OPEC+ meeting on Thursday, which was delayed from Monday over persistent disagreements between leading member states.
- The meeting comes as oil prices are down more than 50% year to date, with global benchmark Brent crude trading at $31.94 per barrel Wednesday and U.S. West Texas Intermediate at $24.18 per barrel 9:00 a.m. ET.
- If Saudi Arabia and Russia are to cut their output — as President Donald Trump has called on them to — they want to see the U.S. play its part in cutting too.