In the Big OPEC++ Output Deal, Who’s In and Who’s Out?
- U.S. involvement in any production agreement still uncertain
- Saudi, Russia rift prompted postponement of meeting to April 9
Photographer: Andrey Rudakov/Bloomberg
This article is for subscribers only.
Oil faces a critical week as Saudi Arabia, Russia and other global producers work frantically to secure a deal aimed at stemming the crash in oil prices. The former partners-in-cuts traded barbs over the weekend over who’s to blame for crude’s crash, which led to a virtual meeting being re-scheduled for April 9.
Since the disintegration of the OPEC+ alliance in early March, crude futures have sunk to 18-year lows as excess supply coincides with a pandemic that has cut a third of global demand. While prices have recovered somewhat, producers still face a lack of storage and the prospect of wells closing.