Thursday April 18, 2024

OPEC meeting postponed

April 05, 2020

Baku: A special meeting to discuss output cuts between OPEC and other major oil producers including Russia has been postponed until Thursday, energy-rich Azerbaijan said.

"The meeting has been postponed until April 9," energy ministry spokeswoman Zamina Aliyeva told AFP on Saturday.

"OPEC has informed us about the postponement. We are not aware of the reasons," she said.

The meeting had originally been expected to be held via video conference on Monday.

There was no immediate comment from OPEC but a source close to the cartel said earlier in the day that the meeting would probably take place later in the week.

Saudi Arabia has called for an "urgent meeting" between OPEC and other oil producing countries to "stabilise the oil market."

Oil prices have tumbled to levels not seen for decades as a result of the coronavirus pandemic and the price war between Russia and OPEC kingpin Saudi Arabia following their failure to agree further output cuts last month.

Riyadh then opened the oil taps to flood the market.

On Friday, Moscow said it was prepared to discuss a reduction in the volume of about 10 million barrels a day.

"I believe that it is necessary to combine efforts in order to balance the market and reduce production," Russian President Vladimir Putin said. US officials have reportedly been invited to take part in the meeting.