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As a way to combat the effects of the coronavirus, which has greatly affected oil demand, an emergency meeting of OPEC+ is scheduled for this afternoon (9), bringing together OPEC (Organization of the Petroleum Exporting Countries), led by Saudi Arabia, and other producing nations, including Russia and Brazil. Petrobras Will Cut Gas Purchases from Enauta and PetroRio in the Manati Field, Bahia.
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Former allies, the Saudis and Russians broke their partnership in early March when Riyadh proposed a global oil production cut to stabilize prices amid the decline in demand caused by the pandemic. The proposal was rejected by Moscow. In response, the Saudis increased production and began selling their oil at a discount, further driving down global prices.
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Saudi Arabia says it will not take on the largest share of the global production cut, as it has in the past. Both Saudi Arabia and Russia say that the United States also needs to contribute a share of sacrifice.
The Brazilian government is being pressured to participate in an agreement brokered by the Organization to discuss a collective cut in global oil production, which could reach ten million barrels per day — the largest in history — in order to raise the price of the product worldwide. With less oil available, prices rise. Discussions have intensified in recent days, but no decision has yet been made by Brazil.
The Brazilian Minister of Mines and Energy, Bento Albuquerque, had a lengthy meeting on Tuesday with U.S. Secretary of Energy Dan Brouillette to discuss the matter. The increase in prices may also interest the U.S. because of the way oil is extracted in that country.
G-20 – Discussion on Oil Price Shock
Another meeting is scheduled for Friday, this time under the G-20 framework, also to discuss the price shock. The Minister of Mines and Energy confirmed his presence at the meeting with representatives from G-20 countries G-20 and has been in contact with authorities from Saudi Arabia and the United States.
Members of the international oil cartel have communicated to Brazilian authorities that any final agreement on how much OPEC and its allies will cut will substantially depend on how much Brazil, the United States, and Canada are willing to contribute.
The Brazilian minister spoke on Sunday with his Saudi counterpart, Prince Abdulaziz bin Salman Al Saud. According to the ministry, the prince asked if Brazil would “be inclined to join the international coordination effort in seeking mechanisms that contribute to the stabilization of the international oil market.”
There is no forecast for when the coronavirus pandemic will stabilize. The estimate is that, due to the spread of the virus, global demand for oil may decrease by up to 25 million barrels per day, which corresponds to a quarter of consumption in normal times.
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