Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and Russia will meet via videoconference today to weigh a
possible truce (FT) in an oil price war that has shaken the global energy sector.
Oil prices plummeted after Russia and Saudi Arabia called off a pact to cap production last month. Washington urged Moscow and Riyadh to make a new agreement to reduce output by 10 to 15 percent of global supplies, while the two signaled that the United States
should also participate (Reuters) in output cuts. Amid price and demand meltdowns, the U.S. Department of Energy projected that the United States will become a
net oil importer (Politico) in the third quarter of 2020.