Some of the world’s largest oil producers will meet to discuss a historic production cut later this week, with energy analysts split over the prospect of non-allied partners, including the U.S., signing up to a deal immediately thereafter.
An emergency meeting of OPEC and non-OPEC partners, sometimes referred to as OPEC+, will be held on Thursday, as the coronavirus pandemic continues to ravage global oil demand.
OPEC kingpin Saudi Arabia and non-OPEC leader Russia are seen as likely to agree to cut production in an effort to arrest an oversupplied market, but only on the condition that the U.S. joins a global pact, Reuters reported, citing unnamed sources.
President Donald Trump said Monday that OPEC hadn’t asked “that question” yet, but suggested U.S. oil production had already fallen anyway.
Crucially, G-20 energy ministers will convene for their own extraordinary meeting one day after OPEC+ producers sit down for talks.
International benchmark Brent crude traded at $33.87 a…