OPEC, Russia Delay Monday’s Emergency Meeting

OPEC and Russia have postponed a Monday meeting to discuss oil output cuts until April 9.

The meeting which was supposed to proffer solutions to the crude oil price war was called by the Saudis after President Trump advised that huge oil production cuts would stabilise global oil markets.

Since the outbreak of coronavirus, global crude oil prices have been badly hit causing demand for the commodity to shrink.

Following this negative impact on  the industry, OPEC countries led by Saudi Arabia proposed a production cut of 1.5 million barrels per day in March.. 

However, OPEC+ countries  led by Russia rejected the cut, sparking a price war between the two oil giants.

Meanwhile OPEC+ is working on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day.