"At the current price, many USA oil exploring energy companies won't be able to make a profit and drilling activities might fall in North America", CMC Markets analyst Margaret Yang said. I imply, it's very unsafe for each.
The price of oil has declined so much in the standoff that President Trump compared its current cost per barrel to that of the 1950s.
"Oil prices failed to keep pace, with growing (coronavirus) lock-down measures and reports that this could drive global demand down 20%, potentially pushing the world to run out of storage capacity", Morgan Stanley analyst Devin McDermott had written in a note earlier this week. "I think they're going to make a deal".
Russian Federation refused, prompting the Saudis to up production and flood the market with oil, hoping that the subsequent plummeting prices would force Moscow to back down.
Oil prices fell to $21.42 a barrel on Wednesday, as markets pondered the devastation to demand.
Occidental said it had no comment, while officials at the other companies did not respond to requests for comment.
Aramco also released aerial footage of multiple oil tankers being loaded at sea.
The meeting is "presumably to discuss possible coordinated production curtailment measures in an attempt to buy some time for the struggling U.S. shale industry", he said in a note. The administration has since announced it will temporarily ease some environmental enforcement.
In addition, sources told Reuters that top USA officials have for now put aside a proposal for an alliance with Saudi Arabia to manage the global oil market.
Oil markets have been under pressure ever since early March, when Saudi Arabia and Russian Federation were unable to come to terms on a deal to curb production, and the Saudis responded by boosting output to more than 12 million bpd and shipping out cargoes worldwide at discounted prices.
Speaking at a government meeting on Wednesday, Putin said that both oil producers and consumers should find a solution that would improve the "challenging" situation of global oil markets.
An output restriction pact between members of Opec and producers outside the exporters' group expired at the end of a rocky first quarter for oil markets as the coronavirus dented global demand.