(Bloomberg) — It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.
Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep the market afloat.
After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June.
On Thursday, Saudi Arabia and Russia — the leading members of the alliance — will chair a monitoring meeting to assess whether the vast production cuts, which they started easing in August, are still staving off an oil glut. New signs of exporters reneging on the deal aren’t helping.