The OPEC delegates indicated that further talks would be required before moving ahead with a meeting, which could be rescheduled for later in the week. Saudi Arabia had called for the meeting last Thursday, responding to pressure from President Trump. Recently, the Saudis have been increasing production and offering steep discounts to their customers. The Saudis want Russia and other producers to absorb some of the burden of new production trims. They are also hopeful that American oil producers will somehow share in output reductions.

Source: New York Times April 04, 2020 14:26 UTC