LONDON – OPEC Countries To Discuss Oil Output Crisis. The Organisation of Petroleum Exporting Countries OPEC, on Thursday, decide to discuss a possible cut in output. This comes after a market crash due to coronavirus pandemic and a Saudi-Russian price war.
According to details, the said teleconference between OPEC and Russia is the best chance of providing support to prices. Meanwhile, global oil prices are at a near two-decade low. Experts warn that without concerted action the commodity risks another steep sell-off. But investors seemed hopeful on Thursday, sending oil prices rising.
Last week US President Donald Trump claimed Russia and Saudi Arabia would step back from their stand-off and agree to slash output. Then OPEC kingpin Saudi Arabia called for an urgent meeting of producers. To try to reach a fair deal to stabilise the oil market. Thursday’s meeting intends to conclude an agreement to cut production by between 10 and 15 million barrels per day.
OPEC Countries To Discuss Oil Output Crisis.
Late Wednesday a spokesman for the Kremlin, Dmitri Peskov in a press briefing on Thursday declined to give details, only saying Russia was in favour of coordinated action to stabilise the global oil market.
Oil prices have slumped since the beginning of the year and the COVID-19 pandemic. It has sent large parts of the planet into lockdown and brings the global economy to a virtual standstill.