CNBC is using the word “crater” to describe the oil industry’s potential future this week as continuing tensions between Saudi Arabia/OPEC and Russia lead to the postponement of a scheduled virtual meeting regarding production cuts on Monday.
The meeting is now said to be “likely” on Thursday.
The oil market had experienced an uptick at the close of the week, prices increasing 25% on Thursday and 12% on Friday.
On Friday a state energy regulator, Ryan Sitton with the Texas Railroad Commission, said Texas could agree to production cutbacks if President Trump is able to reach an agreement with other producing nations.
The U.S., U.K., Canada and Mexico are invited to attend the meeting now scheduled for Thursday.