G-20 power ministers failed today to devise a comprehensive strategy to trace OPEC+ countries from cutting production to quit plunging oil prices brought on by the Saudi-Russian cost war and Covid-19.
OPEC+ had expected that the G-20 virtual meeting could make a toast for 4M bbl/day in reductions against the U.S., Canada, the U.K. along with other manufacturers not cooperating with all the cartel, but the meeting ended with a press launch which didn’t mention specific reduction goals and offered just to work with each other to guarantee petroleum”market equilibrium.”
Some manufacturers have been pinning their hopes upon Pres. Trump, that has been making regular late-night telephone calls for Russia’s Pres. Putin, Saudi Arabia’s King Salman along with other important players in the petroleum industry.
Earlier in the afternoon, Mexican Pres. Lopez Obrador said Trump had assured that the U.S. would insure two-thirds of their creation curbs OPEC+’d required Mexico, though cartel officials haven’t announced any such thing.
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