“Today, Thursday, April 9, about 35 countries, mostly oil producers, will meet virtually via video to discuss options to cut oil production.
“Coronavirus lockdowns have knocked 25% off daily petroleum usage, equating to between 20 and 35 million barrels per day.
“Tomorrow, Friday, energy ministers of the G20 are scheduled for a video conference to further discuss the situation.
“OPEC and OPEC+ members are familiar with these meetings, the additional dozen countries are not, and going virtual makes it even more difficult for them.
“The success of the meeting requires a focus on what is under their control and can be achieved. Focusing on objectives that are not under their control will deem this meeting a failure.
“Hence, increasing oil prices (WTI is at $26 and Brent $34/bbl as of this writing) and market balance should not be their objectives.”
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