Oil prices fell Sunday in overnight trading as an OPEC+ meeting to discuss production cuts initially scheduled for Monday was delayed as tensions between Saudi Arabia and Russia rise.
Oil surged last week — WTI and Brent are both coming off their best week on record — as Saudi Arabia called a meeting between between OPEC and its allies, known as OPEC+, signalling there could be progress on a production cut. The organization's March meeting ended with no deal after Russia rejected the 1.5 million barrels per day cut that Saudi Arabia had proposed in a bid to prop up falling oil prices as the coronavirus outbreak sapped demand.
American drillers are still pumping near record levels as the world is coming to the edge of its ability to store oil. "These are great companies and they'll figure it out," he said at a White House briefing following his meeting with the energy CEOs. "It's a free market, they'll figure it out." The president also said that tariffs are "certainly a tool in the tool box."
The American Petroleum Industry opposes cuts, saying such a move would harm the U.S. industry. In Texas, however, Ryan Sitton, one of the three members of the Texas Railroad Commission, has said that the state would consider participating in such a deal. Despite last week's surge, West Texas Intermediate crude is still down nearly 40% in the last month on the heels of demand destruction from the coronavirus outbreak, and the price war between Saudi Arabia and Russia.
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