Fighting for marketshare OPEC+ wants U.S. to cut oil production as well

According to three OPEC+ sources, the group of oil producing nations known as OPEC+, which includes Saudi Arabia and Russia, may agree to a truce in the oil war and cut production at a meeting scheduled for Thursday, as long as the United States joins the production cut as well.

Last month, Russia and Saudi Arabia agreed to disagree on a production cut agreement even as the coronavirus pandemic ravages the oil market tanking prices to record lows.

With the demand for crude oil falling by nearly 30%, OPEC and OPEC+ members are looking for ways to reign in the supply glut.

This oil war, which essentially is a fight for marketshare, has also affected U.S. shale prices.

OPEC+ members now want the United states to agree on supply cuts as well.

Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, Strategy, Sustainability

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