OPEC+ and allies discuss production cut

There will be an emergency opec+ meeting today to discuss the cut in global oil production. OPEC+ brings together OPEC (Organization of Petroleum Exporting Countries) and is led by Saudi Arabia with other producing nations such as Russia and Brazil.

Due to the coronavirus pandemic, the meeting will take place by videoconference. There will be discussed a possible cut in oil production around the world, since prices have been falling because of the price war between Saudis and Russians. The situation was further aggravated by the decrease in demand caused by COVID-19.

The meeting should have happened last Monday (6). However, the lack of agreement between the producing countries has led to the need for postponement. Moreover, the factor that most hinders an agreement between countries is the geopolitical issue behind the price war.

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