OPEC and Russia have postponed a meeting set for today to discuss supply cuts and ending a brutal price war, according to CNN. The meeting is re-scheduled for April 9.
The meeting comes after US President Trump suggested that massive production cuts could be on the way and Saudi Arabia called for an “urgent” effort to restore “balance” to the oil market, CNN reports.
Saudi Arabia and Russia have been locked in an intense price war since early March when the OPEC+ oil alliance cracked, flooding the oil market with cheap crude just as demand craters because of the coronavirus pandemic. Crude has crashed to 18-year lows, crushing American oil companies and energy stocks, according to CNN.