Saudi Arabia Hopes OPEC+ Meeting Will Restore Balance To Oil Markets

Muhammad Irfan Published April 08, 2020 | 02:00 AM

Saudi Arabia Hopes OPEC+ Meeting Will Restore Balance to Oil Markets

DOHA (UrduPoint News / Sputnik - 08th April, 2020) The Saudi cabinet confirmed Tuesday it will seek a deal with major oil producers to restore balance to the markets, after its price war with Russia caused them to crash.

Riyadh has called an emergency meeting of Organization of the Petroleum Exporting Countries (OPEC) member states, their former partners in the output cut deal and several other countries.

It is scheduled for Thursday.

The Saudi state news agency SPA said the cabinet stood by its efforts to achieve market stability to support the global economy.

The world's economy has been hit by the outbreak of a new coronavirus, compounded by the implosion of the OPEC+ agreement on production curbs and Saudi Arabia's decision to flood the market with oil, which led crude prices to drop to an 18-year low.

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