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Oil prices slide after Saudi Arabia-Russia delay talks

Oil prices fell slightly on Monday after talks between Saudi Arabia and Russia to reduce supply were delayed.

Oil prices fell on Monday after talks between Saudi Arabia and Russia to reduce supply amid weakening demand due to Covid-19 were delayed.

Brent crude is down 1.9% to $33.46 a barrel, while the US West Texas Intermediate is trading 3.71% lower to $27.29 a barrel as of 15:11 (GMT) on Monday.

‘Perhaps it is best that the meeting was delayed for producers to cement a minimum of common ground before the actual discussions take place on Thursday,’ BNP Paribas analyst Harry Tchilinguirian told Reuters.

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OPEC+ to discuss cutting supply

The Organisation of the Petroleum Exporting Countries and its allies, also known as OPEC+, are now scheduled to meet on Thursday to discuss cutting production.

OPEC+ will meet to discuss cutting oil production by about 10% of world supply, which equates to a reduction of around 10 million barrels of oil per day (bpd) in a global effort to support the market amid the economic fallout from Covid-19.

You can go long or short oil and other assets with IG using derivatives like CFDs and spread bets.

Brent crude remains above $30 support level

Despite the minor setback, Brent crude managed to stay above the $30 benchmark on Monday, which it managed to climb above late last week as tensions between Saudi Arabia and Russia showed signs of deescalating.

But even if OPEC+ can agree to a 10 million bpd cut in oil production, it is unlikely to be able to offset the weakening demand, especially when forecasts predict a 23 million bpd supply overhang in April.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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