BAKU: OPEC, Russia and other oil producing nations were meeting on Sunday (Apr 12) in a bid to clinch a deal on the biggest oil cut ever, ...
BAKU: OPEC, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil cut ever, amounting to 10 per cent of global supply, after their initial efforts to support oil prices amid the coronavirus pandemic were blocked by Mexico.Advertisement
"The ministerial meeting between OPEC and non-OPEC members is a follow-up after the April 9 meeting," the energy ministry of OPEC+ member Azerbaijan said on Sunday. OPEC+ also said it wanted producers outside the group, such as the United States, Canada, Brazil and Norway, to cut a further 5 per cent or 5 million bpd.Canada and Norway signalled willingness to cut and the United States, where legislation makes it hard to act in tandem with cartels such as OPEC, has said its output would fall steeply by itself this year due to low prices.
Trump, who had threatened Saudi Arabia with oil tariffs if it did not fix the market's oversupply problem, said Washington would help Mexico by picking up"some of the slack" and being reimbursed later.
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