OPEC+ close to dropping early meeting

OPEC+ close to dropping early meeting
OPEC+ close to dropping early meeting

Thank you for your reading and interest in the news OPEC+ close to dropping early meeting and now with details

2019-04-23T131501Z_650695997_RC189B791C60_RTRMADP_3_OPEC-OIL-GULF-(Read-Only)
Aden - Yasmin Abdel Azim - The logo of the Organisation of the Petroleum Exporting Countries at OPEC's headquarters in Vienna, Austria. Image Credit: Reuters

London: OPEC and its allies were close to abandoning any plans for an emergency meeting this month to consider fresh production cutbacks as the coronavirus batters oil demand in China.

While Saudi Arabia hasn’t wholly given up on its push for the gathering, the as the idea hasn’t so far won over Russia, several delegates from the group said.

The Saudis had been pushing for the emergency meeting as the toll on oil demand from the global epidemic already appears to be severe. World oil consumption will decline this quarter for the first time in more than a decade as the virus reduces travel and economic activity in China, according to the International Energy Agency.

Though an OPEC+ committee last week recommended additional collective cutbacks of 600,000 barrels a day “- on top of the 2.1 million already being made “- Russia has yet to fully endorse the plan.

As Saudi Arabia sees Chinese demand plummet and its oil revenues fall, Riyadh is holding out hope it can still persuade Russia, the delegates said.

Russia, which is better able to weather low oil prices than the Persian Gulf states, has usually been reluctant to restrain output since the OPEC+ partnership was established three years ago.

Several analysts say the group will need to act, even if it waits until the planned March 5-6 meeting before announcing new measures.

Oil prices that reached more than $65 a barrel in New York in early January sank below $50 for the first time in a year last week. They’ve rebounded somewhat this week to around $52.

These were the details of the news OPEC+ close to dropping early meeting for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Gulf News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV WEEKLY ENERGY RECAP: Trapped between two viruses, oil market faces double trouble
NEXT Giant gas turbine moved by road to EGA Jebel Ali