The OPEC Plus meeting, which was called for by the Kingdom of Saudi Arabia, was launched a short time ago in an effort to reach a fair agreement that would restore the desired balance of oil markets. Saudi Arabia and Russia agreed to a significant reduction in oil production according to Arabia. Canadian is the third largest oil producer in the world.
The outcome of the meeting is expected to result in the agreement of Saudi Arabia and the rest of OPEC and Russia, the group known as OPEC +, to reduce daily oil production by between 10 million barrels to 15 million barrels, but that agreement may depend on whether the United States will join the cuts.
Prior to the meeting, Saudi sources said that the Kingdom is ready to reduce oil production by 4 million barrels per day of April production.
Dr. Fateh Birol, Executive Director of the International Energy Agency, said that the producing countries outside OPEC Plus will contribute to finding a solution for the markets, adding that the G20 summit is very important to solve the oil problem currently, indicating that the price of oil at 10 dollars may not be good Even to consumers, he stressed that Saudi Arabia is doing a great job of stabilizing the markets and this is what it has been doing for years. According to Arabic.
The director of the International Energy Agency explained, “We may hear countries buying oil tomorrow to build their strategies and support demand,” and he said, “I hope that a significant reduction in production will be agreed, and Saudi Arabia has undertaken great tasks to achieve stability in oil prices and discussions today is very important, but given the scale of the challenge facing the industry It is also important for the G20 energy ministers to meet tomorrow to try to find a solution to the problem facing the global economy, and the oil industry is one of its pillars, especially in these fragile situations with the spread of the Corona epidemic. “
The oil markets are awaiting the results of the meeting amid a rise in oil prices, today, as Brent crude achieved gains of 1.83%, to 33.44 dollars, while American crude rose 4.3%, to 26.16 dollars.
A Kremlin spokesman had told Reuters that Russian President Vladimir Putin does not intend to discuss oil markets on Thursday with US President Donald Trump and the Saudi leadership, and in response to a question about the possibility of this happening, “there are no such plans today.”
Kremlin spokesman Dmitry Peskov said, prior to a meeting between OPEC and producers from outside it, that Russia wanted a joint coordinated move to achieve stability in global oil markets.
In response to a question whether Moscow had received assurances that the United States would participate in an agreement, the Kremlin referred to comments made by President Vladimir Putin last week that a new agreement would be barely possible without the accession of other countries.