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


Your Comment

You are replying to: .
2 + 1 =