The last time OPEC attempted to take a decision on a 2.5 million barrels cut, Russian Federation mobilised its allies to frustrate the Saudi Arabia-led effort, resulting in a decline in price below $30 per barrel. "They are cutting back very seriously".
The members of OPEC and their allied oil producers are scheduled to meet Thursday to discuss output cuts.
Production will average 11.76 million barrels a day in 2020, down from an expected 12.99 million, the Energy Information Administration said on Tuesday.
"But I still think the key thing to drive the oil price is whether this pandemic will ease in the near future", said Zhu, adding that the coronavirus pandemic means factories in major economies continue to be shut.
Meanwhile, in a statement on Tuesday, the U.S. Department of Energy asserted that U.S. output is already falling without government action, in line with the White House's insistence that it would not intervene in the private markets. The new talks are hoped to reverse the current state of affairs in the oil industry, which saw fuel prices take a nosedive in March.
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.
"In the United States we have a free market and the industry will adjust on its own", he said.
World Athletics suspends Olympic qualification period
The IOC also announced that any individual or team that's already qualified will retain that status for the new dates. In a statement Federation Internationale de Football Association wrote that "new dates will be identified".
Saudi Arabia and Russian Federation are hammering out terms to a production agreement, with OPEC+ talks planned for Thursday and a G-20 meeting of energy ministers set for Friday, according to people familiar with the matter, although a deal hinges on some form of cooperation from the U.S.
Saudi crude exports to the U.S.in March jumped to at least 516,000 barrels a day, the highest in a year, according to tanker-tracking data compiled by Bloomberg.
Almost one month into the oil price war between Saudi Arabia and Russian Federation, there is still no sign of an early resolution, which bodes ill for a world economy already battered by the novel coronavirus pandemic.
Trump said USA oil production had already fallen, anyway.
The International Energy Agency warned on Friday that a cut of 10 million bpd would not be enough to counter the huge fall in oil demand. Recent comments from Trump had suggested the United States was willing to participate. Trump said last week he had made no concessions and did not agree to a US production cut.
When asked at a White House press briefing Sunday under what conditions he would impose the levies, Trump said, 'If the oil price stays the way it is.I would do that, yeah, very substantial tariffs'.