Saudi Arabia and Russia were initially set to meet on Monday to discuss output cuts, was pushed to April 9, after they blamed each other for the collapse of talks in March. U.S. President Donald Trump has said he will impose tariffs on crude imports if he needed to “protect” U.S. energy workers from the oil price crash that has been exacerbated by the war between Russia and Saudi Arabia over market share. On the other side, the production cuts could come “too little, too late” to support oil prices, ANZ and Citi analysts cautioned.
Still, a move by Saudi Arabia to delay the release of its crude official selling prices indicates it is not eager to flood the market with cheap supplies before a potential agreement, said Robert McNally, president of Rapidan Energy Group in Bethesda, Maryland.
Rig counts in the United States fell by 62 last week, energy services firm Baker Hughes Co said on Friday, marking the biggest weekly drop in five years, as U.S. energy companies slashed spending on new drilling due to a coronavirus-related slump in economic activity and fuel demand.
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