Meeting postponed and seems like US is not joining the production cutting, plus tariffs may be tabled.
May prices are still up in the air, too many unknowns to go long at the moment.
This is for my own records to see if I can box pattern, just trying different things...
Saudi Arabia and Russia both say they want the US, which has become the world’s largest producer thanks to its shale revolution, to join the cuts. But Trump had only hostile words for OPEC on Saturday, threatening tariffs on foreign oil, though at a briefing late Sunday he said he didn’t expect he’d have to use them. G20 may be an easier forum for the US to embrace than OPEC.
Russia favors using an average of the first quarter output as the baseline, while Saudi Arabia wants to use its current April production. The difference is huge: the kingdom pumped 9.8 million barrels a day on average between January and March. In April - as it wages its battle for market share - it’s producing more than 12 million.
@Dr_Tarik_Awad_DDS, all the best this week :) I honestly don’t see any rallies happening as Russia and Saudi have new finger pointing drama...and if there was any reasonable discussion on the table, the meeting wouldn’t have been “tentatively pushed” specially if both Saudi and Russia only will talk if US is on the table to cut production, and that’s not possible