A group consisting of some of the world’s most powerful oil producers on Thursday will meet to decide on the next phase of output policy, CNBC reported.
OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, convened for talks via videoconference at around 1:25 p.m. London time.
The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.
The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals.
The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia’s caution about the global economic recovery.
