"Oil" in Global Markets This Week

"Oil" in Global Markets This Week

Some of the world's largest oil producers will meet this week to discuss a historic production cut, and energy analysts are expected to split on the possibility of non-allied partners, including the US, and sign an agreement soon after. An emergency meeting of OPEC and non-OPEC + partners, sometimes called OPEC +, will be held on Thursday, as the coronavirus pandemic continues to destroy global oil demand. OPEC king Saudi Arabia and Russia, which are not OPEC members, are thought to have agreed to cut production in an effort to arrest an over-supplied market. President Donald Trump said on Monday that OPEC has not yet asked "this question," but US oil production has already declined. Most importantly, the G-20 energy ministers will meet for their extraordinary meeting one day after OPEC + producers start negotiations. International benchmark Brent crude traded at $ 33.87 on Tuesday morning, up 2.5%, while the US West Texas Intermediate (WTI) rose more than 3.7%. Brent dropped over 3% in the previous session and WTI dropped more than 7% due to unprecedented supply cut hopes. Both criteria fell more than 50% from the January summit. The coronavirus pandemic meant that countries around the world should effectively shut down, many governments took brutal measures into the daily lives of billions of people.