12 April 2020 - 21:45
  • News Code: 301618
10th OPEC+ Meeting Begins Online

TEHRAN (Shana) – The 23 members of the coalition of the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group called OPEC+, has just begun via webinar.

OPEC+ is meeting to finalise the biggest oil supply deal in history to cut 10 million barrels a day in May and June 2020, with the coronavirus pandemic wreaking havoc on the global energy sector.

The group also convened last Thursday to hammer out the deal which proved a failure as Mexico did not agree to cut its output by 400,000 as proposed by fellow OPEC+ members and agreed to cut only 100,000 b/d.

The outline agreement, to remove 10m barrels a day or more of global supply, has won the support of OPEC and Russia and the G20 group of nations.

OPEC+ is trying to sign off on the deal before markets reopen on Sunday night.

Failure to reach an agreement risks sending oil prices even lower.

News Code 301618

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