OPEC 'close' to deal on output cuts to counter price collapseOil prices are sitting around two-decade lows, hit by the virus and a Saudi-Russia battle for market shareLONDON - Top oil producers attempted to finalise a crucial agreement on output cuts in the small hours of Friday in a bid to counter a collapse in prices due to the coronavirus pandemic and a Saudi-Russian price war. The video conference meeting of OPEC countries and their OPEC+ allies including Russia, as well as other key non-members, began just after 1440 GMT on Thursday. At the beginning of the meeting, OPEC Secretary General Mohammad Barkindo warned that the rapid economic damage wrought by the virus meant the industry's "supply and demand fundamentals are horrifying". At the same time, the global supply glut -- already weighing on oil markets before the new coronavirus crisis -- has stretched oil storage capacity to its limits, forcing many producers to scale back output. The global oil glut could reach 25 million bpd in April, according to Rystad Energy.

Source: Bangkok Post April 09, 2020 23:48 UTC