"Trying..." is the key word
According to Brian Sullivan on CNBC as per sources, there are some OPEC oil ministers "trying" to hold an informal meeting to come to an agreement on crude oil production. The key word is "trying". No guarantees
Saudi Arabia is trying to get Russia to cut production (along with other members). Russia is balking at that idea. The meeting ended without a formal agreement.
The news is perhaps rightfully not doing much 2 the price of oil. WTI crude oil futures are trading at $42.20 down $3.70 or -8.06%.
New headline from Iranian oil minister:
- Holding another meeting soon between OPEC and non-OPEC members will be difficult because of coronavirus health concerns, but agreement can be reached by videoconference
