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Corona virus: Top oil-producing countries to discuss reduction in output on Saturday-otgnewsupdate

Saturday, June 6, 2020

Corona virus: Top oil-producing countries to discuss reduction in output on Saturday-otgnewsupdate

Vienna: The top oil-producing countries have decided to meet on Saturday via video conference instead of next week, sources close to OPEC said on Friday, referring to cuts in production during the Corona virus crisis. Review the current agreement.

Saudi Arabia, led by 13 OPEC members, and ten of its allies, including Russia, were due to meet on June 9 and 10.

But Algeria, which currently heads the Vienna-based organization, has, according to trade analysts, sought to better coordinate the decisions of oil producers with the timing of transactions in the oil market. Suggested change.

Countries are negotiating an oil price hike agreement in April aimed at boosting oil prices, which has fallen due to falling demand as countries around the world watch out for the spread of the new corona virus. Locked tight to prevent.

OPEC and so-called OPEC + members have pledged to reduce production by 9.7 million barrels per day (MBD) from May 1 to the end of June.

Under the terms of the agreement, historic cuts will be gradually eased from July to December.

OPEC and OPEC + will discuss the 9.7 MBD expansion beyond June, although an agreement may be difficult to reach. The April deal was signed after days of squabbling between the big players.

Author

OTG Newz