Oil producers unlikely to reach Trump’s request for 15m bpd cut, analysts say – The National

Oil producers unlikely to reach Trump’s request for 15m bpd cut, analysts say – The National

Oil producers unlikely to reach Trump's request for 15m bpd cut, analysts say. Oil demand fell due to a 76-day lockdown in China and Russia's reluctance to agree to deeper cuts, which led to the collapse of the Opec+ pact. Oil producers will find it challenging to reach an agreement at a virtual meeting of Opec+ producers as deeper cuts for oil-revenue dependent economies could come at a high economic cost, analysts say.. His comments came amid a decline in oil prices, which fell 70 per cent from their peak in January.. Oil prices were also affected by Russia's reluctance to agree to deeper cuts - a move that led to the collapse of the Opec+ pact in March and prompted Saudi Arabia and the UAE to pledge to bring more supply to markets.. The producers sought to claim back the market share lost to about three years of production cuts.. "But the US has no single national producer that could agree to cut output in a meaningful enough way to contribute to a 10 to 15m bpd agreement".. Norway and Brazil, which have state-backed companies, will participate in the G20 meeting.. Should the meeting be delayed again, it would