Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UPDATE 1-G20 energy ministers to hold video conference on Friday -document

Published 07/04/2020, 07:54
Updated 07/04/2020, 08:00

(Adds details)
By Stephen Kalin
RIYADH, April 7 (Reuters) - Saudi Arabia will host an
extraordinary meeting by video conference on Friday for energy
ministers from the Group of 20 major economies "to ensure energy
market stability", an internal document seen by Reuters shows.
The call is scheduled for 1200-1420 GMT on Friday and will
follow a virtual meeting on Thursday for OPEC, Russia and other
oil producers to discuss cutting output.
Prices have fallen sharply due to the impact of the
coronavirus and to the collapse last month of coordinated output
cuts led by Saudi Arabia and Russia.
U.S. President Donald Trump last week called on Riyadh and
Moscow to cut production to support prices as the pandemic
slashes demand and stockpiles build.
"We look forward to a productive discussion, as we step up
our efforts during these challenging times," the internal
document for the G20 energy ministers meeting said.
Worldwide oil demand has dropped by roughly 30%, or about 30
million barrels a day.
The producers are likely to agree to cut output on Thursday
but only if the United States joins the effort, three OPEC+
sources told Reuters on Monday. The United States did not participate in coordinated cuts by
members of the Organization of the Petroleum Exporting Countries
(OPEC) and others including Russia which began in January 2017
and ended last month.
Washington has also not committed to taking part in any
deal, which Trump has said could involve cutting global supply
by 10% to 15%. U.S. companies cannot coordinate production due
to antitrust laws.
On Monday, Trump said OPEC had not pressed him to ask U.S.
oil producers to reduce their output, adding that U.S. oil
production had already fallen.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.