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Watch Energy Secretary on Key OPEC+ Meeting & Possible Oil Production Cuts News Video

Watch Energy Secretary on Key OPEC+ Meeting & Possible Oil Production Cuts News Video

“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.”

Read more at Forbes

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