IEA says 10 mbpd cut not enough, RIA says OPEC meeting next week may not happen

  
Analysis, Crude

Some negative oil headlines cross

Two headlines have helped to sap some strength from the oil market:
  • IEA says an OPEC+ cut of 10 million barrels per day is not enough to stabilize the oil market
  • Even with the cut they see a potential 15 mbpd build in supplies
  • They urged all countries to fill up strategic reserves
Meanwhile Russian news agency RIA, citing an unidentified person said the April 6 meeting may not happen if the sides aren’t ready.
A key cog is the US and the Texas Railroad Commission is meeting April 14 so they can’t even really come to the table until then.
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