On the eve of the OPEC + conference, the United States declared its readiness to reduce oil production in line with falling global demand. However, Russia refused to accept such a reduction as assistance in stabilizing world oil prices. The Kremlin explained that only the reduction that would actually reduce oil production beyond the natural decline in market demand should be considered a true reduction under OPEC conditions. Thus, US participation in the OPEC + deal remains unclear.
Starting since late March, Donald Trump tried to persuade Russia and Saudi Arabia to conclude a truce in the oil price war. However, according to experts, Russia will enter into a deal only with the adequate participation of the United States, as well as with the mitigation of sanctions by the United States. And now Moscow has strong cards in this game.
It is planned that this Friday, G20 energy ministers will be able to remove about 10 percent of world oil supplies to markets. On the one hand, this is an unprecedented attempt to take control of the price structure of the market, on the other hand, serious doubts arise about the sincerity of the real actions of the OPEC + countries.
Based on past experience, only a few OPEC + participants fulfilled their obligations in full, and some simply manipulated the numbers and flagrantly violated it.
Thus, in the opinion of the analytical department of the FortFS broker, the main question that the market will have to evaluate in the near future — if the OPEC + transaction takes place, would it be true or false?