Environment & Energy | Sunday 5 April, 2020 10:43 am |

OPEC+ has postponed a Monday meeting to discuss oil output, OPEC sources told Reuters, as tension over plunging crude prices intensified.

 

Saudi Arabia was the first to call for an emergency meeting of OPEC and other oil producers, a grouping known as OPEC+, to stabilize the oil market.

 

The meeting’s postponement came amid strong efforts exerted by US President Donald Trump for action to stop the sharp fall in oil prices due to the coronavirus outbreak.

 

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz and Trump have talked over the phone, discussing global energy markets.

 

Saudi Arabia said it had invited for the OPEC+ meeting in line with the Kingdom's constant efforts to support the global economy in this exceptional circumstance, and in appreciation of Trump's request.

 

OPEC+ is working on a deal to cut the production of oil equivalent by about 10 percent of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the United States.

 

OPEC sources, who asked not be identified, told Reuters the emergency virtual meeting planned for Monday would likely now be postponed until April 9 to allow more time for negotiations.

 

Asharq Al Awsat