Oil prices slipped this morning, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.
Saudi Arabia, Russia and other large oil producers are racing to negotiate a deal to stem the historic price crash as diplomats said some progress was made on Sunday. Saudi Arabia is delaying the release of its closely-watched monthly oil-pricing list until later this week as the kingdom spars with Russia over a potential meeting of global producers that would aim to halt the collapse in crude.
Well there’s a surprise. The big meeting has been delayed because they haven’t got all their ducks in a row yet, or maybe it’s genuinely because people are still throwing their toys out the pram at having to cut oil production again after only recently expanding it.
I would be annoyed if I was in the oil industry having been under the cosh for so long, having to deal with stringent supply levels, finally being unleashed again, to only be told to get back in your box.
It mustn’t be easy out there, but we will have to wait until Thursday now to see what happens next.