Pending Production Cuts Oil Traders Are Nervous

- Apr 08, 2020-

Oil traders were nervous as they waited for the market to open on Monday amid mixed signals about cutting production to balance a glut of crude, Arab News reported on April 6.

Brent crude, the Middle East benchmark, jumped 20 per cent to more than $34 a barrel on Friday amid signs that Saudi Arabia, Russia and the us were on the verge of a big deal to cut output.

But hopes of a deal are fading after a dispute between Saudi Arabia and Russia and the shift from Monday to Thursday of an Opec + meeting between the saudi-led Opec producers and other countries led by Russia.

Saudi Aramco on Sunday delayed disclosing the price of oil it was due to sell to its main customers in May, following expectations that it would slash prices.

Some analysts saw the delay in the release of aramco's official oil price as a signal that the kingdom was preparing for a big cut in output by Opec +.