OPEC, allies consider output cut after price crashOil prices are sitting around two-decade lows, hit by the virus and a Saudi-Russia battle for market shareLONDON - Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market. The talks between OPEC and its allies including Russia (OPEC+) along with key non-members is seen as the best chance to provide some much-needed support to prices, which are wallowing around two-decade lows. Last week US President Donald Trump claimed Russia and Saudi Arabia would step back from their stand-off and agree to slash output. Saudi Arabia will on Friday host a separate virtual gathering of energy ministers from the Group of 20 major economies in a similar bid to ensure "market stability". That is roughly equivalent to what Saudi Arabia and Russia both produced each day in February, according to OPEC data.

Source: Bangkok Post April 09, 2020 04:41 UTC