Oil prices firmed on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets as the coronavirus outbreak cut fuel demand worldwide. WTI Crude is $21.53; Brent is $23.49.
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Forecasts of a drop in oil demand abound, with estimates of a whopping 20% year-on-year reduction in global consumption in April becoming more common. That’s 20 million barrels a day, equivalent to the entire consumption of the United States. WTI Crude is $20.40; Brent is $22.90.
Exclusive: Russia calls for new enlarged OPEC deal to tackle oil demand collapse
MOSCOW (Reuters) - A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic fallout from coronavirus.
Goldman Sachs forecast global oil demand is expected to contract by around 4.25 million bpd, from 100 million barrels per day (bpd) last year. “Global isolation measures are leading to an unprecedented collapse in oil demand,” it said. WTI Crude is $23.96; Brent is $27.29.
As large parts of the global economy shut down to stop the spread of the coronavirus, neither Saudi Arabia nor Russia show any sign of backing down on threats to pump more oil to gain market share. WTI Crude is $23.67; Brent is $26.19.
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