OPEC+ To Discuss Creation Of New Deal To Cut Oil Production

(@FahadShabbir)

OPEC+ to Discuss Creation of New Deal to Cut Oil Production

MOSCOW (UrduPoint News / Sputnik - 09th April, 2020) OPEC+ countries will discuss on Thursday the creation of a new agreement to reduce oil production with the possible participation of other major oil producing states to stabilize the situation on the market, which came under pressure from the novel coronavirus (COVID-19) pandemic.

The meeting will be held in the form of a video conference, to be followed on Friday by a video meeting of the G20 energy ministers. A Sputnik source, familiar with the talks, said that the final OPEC+ decision would depend on the results of subsequent G20 energy ministers' discussions.

At their meeting in March, also dedicated to market support measures, OPEC+ countries were unable to overcome differences on the deal's future. Then a consensus was not reached either on Russia's suggestion to extend the agreement in order to further take a more balanced decision, or on the idea of Saudi Arabia to deepen the reduction in production by 1.5 million barrels per day.