OPEC+ emergency meeting to be held on April 9
The members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies willing to support the tumbling oil market have postponed their emergency talks till Thursday.
The delay was confirmed by the Azerbaijan Energy Ministry to Russian media on Saturday, one day after it had announced that the talks were set to be held on April 6.
While it was earlier reported that the delegations needed more time to figure out how to boost crude prices, Bloomberg stated that there could be another reason for the change of plans. According to the publication, harsh statements exchanged by Moscow and Riyadh, whose rift led to the initial collapse of more than a two-year oil accord, added fuel to the fire.
On Friday, Russian President Vladimir Putin said that Moscow is ready to support the cuts of up to 10 million barrels per day, if other players join in. He added that Saudi Arabia’s withdrawal from the agreement was meant to get rid of US shale producers.
The kingdom was quick to refute the accusation, calling it “fully devoid of truth.”
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