Oil lobbyists met with white house staffers to discuss markets amid OPEC price war, coronavirus – CNBC

In a CNBC news, it was reported that lobbyists representing the oil and gas industry have met with White House policy staffers on Wednesday morning to discuss coronavirus, the state of the economy and the market, a representative for the American Petroleum Institute told CNBC. The meeting comes as the market has been roiled by fears of coronavirus and deteriorating talks between OPEC and Russia.

Key notes

The meeting comes as the market has been roiled by fears of coronavirus and deteriorating OPEC talks. After negotiations between OPEC and Russia fell apart on Friday, OPEC’s de facto leader, Saudi Arabia, on Saturday slashed its oil prices and announced plans to increase production. This led to a selloff in oil markets and pressure on US energy producers.

Oil prices on Monday plunged 24%, marking the worst day since 1991. Saudi Aramco CEO Amin Nasser said on Wednesday that the company had been asked to supply a record 13 million barrels per day in April. Oil fell 4% Wednesday.

The meeting comes as the market has been roiled by fears of coronavirus and deteriorating talks between OPEC and Russia.