A statement issued by the Azerbaijani Ministry of Energy said, “Azerbaijan has called for a meeting of OPEC ministers and non-OPEC oil countries via video on April 6 in order to restore stability to the oil market.”
Baku explained that the meeting is taking place at the invitation of Riyadh and after talks between Saudi Arabia and US President Donald Trump, and aims to adopt a “new declaration on cooperation.”
The Russian news agency “RIA Novosti” quoted a Russian source as saying that the date of the meeting is on the sixth of April, indicating that the talks will address the possibility of reducing production about ten million barrels per day.
On Thursday, US President Donald Trump said that after contacting Saudi Crown Prince Mohammed bin Salman, he expects Saudi and Russian leaders to make a significant cut in oil production that could reach 10 million barrels.
“I expect and hope that they will cut about ten million barrels, maybe much more than that, and if that happens, it would be great for the oil and gas industry!” He wrote on Twitter.
Then he said in a later tweet: “This could reach 15 million barrels.”
As a result, Brent North Sea and West Texas Intermediate crude oil futures prices increased by more than 30%.
Russia, the second oil producer but not a member of OPEC, refused last month to cut global production aimed at compensating for a decline in demand due to the Covid-19 epidemic.