OPEC+ to Hold a Meeting on Monday, Saudi Requires “Fair Agreement” for the Deal

The Organization of the Petroleum Exporting Countries (OPEC) and 10 other non-OPEC members (OPEC+) will hold a meeting on Monday after the U.S. President Donald Trump called out the group for a coordinated production cut to stop the historic rout in crude prices.

 

According to two delegates, a virtual meeting to be held on Monday will be not limited to only the group but open to all oil producers.

However, the meeting might not be as smooth as it used to be. Saudi Arabia stated that it will only agree to a cut if others, including the U.S., share the burden of the cut while saying that the meeting should have a “fair agreement”.

Trump tweeted yesterday that he expected a cut upto 10-15 million barrels per day from the group which is about 10-15 percent of global output.

On Friday April 3, 2020, Trump will meet with the U.S. oil producers at the White House. Some speculated that the president could ask the industry for help in curbing production. The call on Friday followed a struggle in the industry due to falling oil prices due to lower demand in the market and the price war between Saudi and Russia.

The U.S. shale company Whiting Petroleum, one of the big producers in North Dakota’s Bakken Formation, has become the first producer to file for chapter 11 bankruptcy protection.

Analysts expected that Trump would use the meeting today to weigh his next move with OPEC+.