The counter to all of the pessimism about an oil deal being reached by OPEC+ states is the shared incentive of wanting higher oil prices and the pain these oil nations are feeling.
People forget that MBS had production increased precisely because he wants higher oil prices eventually, he wanted other nations to reduce output. If other nations make concessions (and they’re much more willing to now) then SA making concessions will cause the price to rise. Texas oil reps are ready to drop production dramatically. Russia is changing their tune.
So many people on here just look at a couple headlines and don’t do any further research. SA called an emergency OPEC meeting. That happened today. Russia’s energy minister has gone on record saying they’ll cut production even if an agreement isn’t reached with OPEC. Putin said yesterday he wants nations to work together to a common goal when it comes to oil. I’m bearish on many things when it comes to this economy, but the view about the plausibility of a deal is very skewed here. Production cuts likely won’t be as high as Trump tweeted, but I see cuts coming. This is a game of probabilities and there’s a very good chance production cuts are made.