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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.

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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.

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