China-Singapore Jingwei client, April 7th-Where will the oil price war between Saudi Arabia and Russia go? This week's OPEC + meeting and the G20 oil ministers' meeting attracted much attention.
According to the British "Financial Times" report, the Group of 20 (G20) oil ministers will hold an emergency meeting this week. Earlier, in order to support the oil industry that was hit hard by the new coronary pneumonia epidemic, Saudi Arabia and the International Energy Agency (IEA) have been working hard to facilitate this meeting.
With millions of jobs and risks to global economic stability, IEA Director General Fatih Birol said Friday ’s talks were aimed at finding ways to protect the energy market during the crisis.
In early March, the OPEC oil-producing countries and allies led by Russia broke down on the extension of the crude oil production reduction agreement and increase the reduction of oil production. The oil price war between Saudi Arabia and Russia broke out immediately, and the new coronary pneumonia epidemic led to oil demand The sharp decline, the oil market experienced a historic plunge, the main US oil contract fell below 20 US dollars / barrel, hitting a new low since 2002.
After entering April, there is news that OPEC + will reach an agreement on production cuts to alleviate the global oversupply problem. Last week, the global oil market rebounded by more than 35%.
However, according to Reuters' Chinese website, the OPEC + meeting originally scheduled for Monday has been postponed until Thursday, as Russia and Saudi Arabia's disagreement over the rupture of the current production cut agreement last month continued, and international oil prices fell again.
As of the close of April 6 local time, the price of light crude oil futures delivered by the New York Mercantile Exchange in May fell 2.26 US dollars to close at 26.08 US dollars per barrel, a decrease of 7.97%; London Brent crude oil futures delivered in June The price fell by 1.06 US dollars to close at 33.05 US dollars per barrel, a decrease of 3.11%.
In addition to the two meetings that will be recalled this week, the US Energy Secretary hopes that Saudi Arabia and Russia will end the war for crude oil market share this week.
According to a report on Reuters' Chinese website, US Secretary of Energy Bruyette said that after consulting with the energy ministers of Saudi Arabia and Russia, he hopes that the two countries will end the war for market share this week.
Bruyette said that the United States is encouraging Saudi Arabia, the chairman of the G20 this year, to convene a meeting of G20 energy ministers this weekend. "I expect this to happen."
The US Department of Energy said in a telephone briefing that US and Saudi energy officials agreed to continue negotiations on global oil market issues through the G2O meeting "in the near future." (Sino-Singapore Jingwei app)