Dubai
Oil-producing countries represented by energy ministers at the “virtual” G20 Summit under Saudi Arabia’s presidency were getting close to the headline figure of 15 million barrels of cuts flagged up by US President Donald Trump last week, but now they face a challenge to sell it to skeptical oil markets.
The 15 million figure was made up of 10 million from the revived OPEC+ alliance led by Saudi Arabia and Russia, with the balance coming from the big economies of the G20 such as the US, Canada and Brazil, which are also oil exporters. But in the face of a collapse in global demand for oil because of the coronavirus pandemic, some experts are already questioning whether even that unprecedented amount would be enough to get the oil price up again.—Arab News
