No oil market fix from today's G-20 meeting
- G-20 energy ministers failed today to devise a detailed plan to follow OPEC+ nations by cutting production to stop plunging oil prices caused by the Saudi-Russian price war and Covid-19.
- OPEC+ had hoped the G-20 virtual meeting would produce a pledge for 4M bbl/day in cuts from the U.S., Canada, the U.K. and other producers not allied with the cartel, but the meeting ended with a press release that did not mention specific reduction targets and offered only to work together to ensure oil "market stability."
- Some producers are pinning their hopes on Pres. Trump, who has been making frequent late-night phone calls to Russia's Pres. Putin, Saudi Arabia's King Salman and other key players in the oil market.
- Earlier in the day, Mexican Pres. Lopez Obrador said Trump had promised him the U.S. would cover two-thirds of the production curbs OPEC+ had demanded of Mexico, although cartel officials have not announced any such deal.
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