G20, OPEC taking their time to assess oil situation – Saudi Gazette

G20, OPEC taking their time to assess oil situation – Saudi Gazette

G20, OPEC taking their time to assess oil situation. Three Rystad Energy's oil analysts provide their take on the current situation with Louise Dickson, oil markets analyst, saying: "The collaboration and size of the proposed OPEC++ is unprecedented, so it makes sense both OPEC and G20 are taking their time before any dam-busting announcement.. Artem Abramov, head of shale research, said: "Canada's oil production will be down in April by more than 1 million bpd for economic reasons anyway.. US oil production will decline by 1.5 million bpd before the end of year for economic reasons.. Neither US nor Canada can commit to any long-term artificial production cuts because it isA) Hard to coordinate them in the oil markets where federal government has limited regulatory power.B) Against the spirit of market-driven oil industry in both countries.. Alberta's infrastructure-driven cuts from the last year did not work well for the largest producers, though stabilized the local market.C) Might be disadvantageous if local demand and global oil prices recover as the US will have to import more crude, while Canada will lose its market share in the US market if cuts are maintained artificially.".