Ministers of OPEC and non-OPEC countries negotiating via videoconference
BAKU, Azerbaijan, April 9
The negotiations are underway among the ministers of OPEC and non-OPEC countries, Trend reports on April 9.
The main topic of the discussion held via a videoconference is the possible actions on the oil market amid falling demand as a result of coronavirus pandemic. The issues of reducing oil production to stabilize the situation in the market and prevent a decrease in prices will be also discussed.
The oil prices began to rise on the eve of the videoconference. So, a barrel of Brent crude oil on the London Stock Exchange is sold at $35.22, while a barrel of Light oil on the New York Stock Exchange – at $27.05.
Saudi Arabia, as part of the agreements with other oil-producing countries, is ready to reduce the oil production by a maximum of four million barrels per day, but only from the April level, when a record high of 12.3 million barrels per day was reached.