Commodities Corner: OPEC+ is set to face oil challenges head on in Thursday’s virtual meeting

Commodities Corner: OPEC+ is set to face oil challenges head on in Thursday’s virtual meeting

"The virtual nature of the meeting is unconventional, but is unlikely to be a hindrance," said Manish Raj, chief financial officer at Velandera Energy, who believes that the group has a pre-planned agreement in place.. A meeting in early March broke down after OPEC member Saudi Arabia and non-member Russia failed to agree on production cuts-leading to a price war and production increases among the two nations.. Saudi Arabia lifted its production to 10.15 million barrels a day in March, just above its quota of 10.144 million barrels, according to a survey conducted by S&P Global Platts released this week .. Last week, President Donald Trump tweeted that he expects Saudi Arabia and Russia to cut oil production by 10 million barrels per day to as much as 15 million barrels a day .. "Most likely we will see OPEC and OPEC+ agree to a 10 million [barrel per day] cut, with an outside chance of 15 million," said Williams.. Regulator enforced curbs on U.S. production would be anti-competitive“¦and is highly unlikely," he said.. The Energy Information Administration reported Wednesday that total domestic crude output fell 600,000 barrels a day for the week ended April