The plunge in oil prices has actually triggered a push by OPEC’s leading exporter, Saudi Arabia, to push for an emergency situation meeting and consider brand-new output lowerings, following a recent Vienna conference that ended without an agreement after Russia – the biggest non-OPEC producer – declined to comply with more cuts as it is able to weather lower prices more easily.
It might have been even worse: given that OPEC formed an alliance with non-members such as Russia three years ago, the coalition has actually restrained supplies to offset a rise of production from the U.S. shale market, and keep rates supported, indirectly supporting the United States shale sector.
By Zerohedge.com
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source https://jobsearchtips.net/opec-slashes-oil-need-projection-on-coronavirus-crunch/
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