"Oil Cut Deal Faces Multiple Challenges"

"Oil prices have rallied from their recent lows in anticipation of an agreement being reached this week on massive production cuts to offset the collapse in demand caused by the coronavirus pandemic.

But it remains to be seen whether a large and disparate group of producers can unite behind a new megadeal just a month after a much less ambitious pact fell apart in acrimony.

Members of the Opec-plus alliance of oil producers are set to hold a video conference on Thursday at which they hope to agree on production cuts of 10 million barrels per day or more.

They have also invited several other oil-producing countries to take part and are looking for them to contribute to production cuts. In particular they are seeking a major commitment from the US, the world's largest producer."

Oliver Klaus, Amena Bakr, and Nelli Sharushkina report for International Oil Daily April 9, 2020.

Source: International Oil Daily, 04/09/2020