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[size=36]With the participation of Iraq ... some OPEC ministers hold a conference over the phone to discuss developments in the oil market[/size]
Economy | 06:16 - 04/21/2020
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Baghdad - Mawazine News,
some ministers of the Organization of Petroleum Exporting Countries (OPEC) will hold a conference on Tuesday to discuss developments in the oil market, according to Reuters.
The agency quoted a source as saying that the ministers are discussing the implementation of oil production cuts immediately and not starting from May 1.
The source pointed out that Algeria, Nigeria, Venezuela, Iraq and Angola, members of "OPEC", along with Kazakhstan and Azerbaijan, who are not members of the organization, participate in today's meeting held remotely, while Saudi Arabia, Kuwait and the United Arab Emirates did not participate.
The meeting came after US crude futures for May delivery fell below zero, for the first time ever.
The oil markets are witnessing severe pressures and fluctuations in light of the decline in global demand for crude due to the spread of the Corona virus and the measures taken to limit its spread.
To support the markets, the OPEC + group agreed to cut production by 10 million barrels per day in May and June of 2020, meaning that the cuts did not come into effect yet. Ended / 29 / h
some ministers of the Organization of Petroleum Exporting Countries (OPEC) will hold a conference on Tuesday to discuss developments in the oil market, according to Reuters.
The agency quoted a source as saying that the ministers are discussing the implementation of oil production cuts immediately and not starting from May 1.
The source pointed out that Algeria, Nigeria, Venezuela, Iraq and Angola, members of "OPEC", along with Kazakhstan and Azerbaijan, who are not members of the organization, participate in today's meeting held remotely, while Saudi Arabia, Kuwait and the United Arab Emirates did not participate.
The meeting came after US crude futures for May delivery fell below zero, for the first time ever.
The oil markets are witnessing severe pressures and fluctuations in light of the decline in global demand for crude due to the spread of the Corona virus and the measures taken to limit its spread.
To support the markets, the OPEC + group agreed to cut production by 10 million barrels per day in May and June of 2020, meaning that the cuts did not come into effect yet. Ended / 29 / h
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