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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