Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting
The meeting of the group of leading oil producers, known as OPEC+, would be held on Saturday. (Reuters)
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Updated 05 June 2020

Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting

Saudi Arabia: OPEC, allies coordinating to hold Saturday meeting
  • Russian energy ministry earlier confirmed the meeting

DUBAI: Saudi Arabia’s energy minister said on Friday that OPEC and its allies, a group known as OPEC+, were working to hold their oil output policy meeting on Saturday.

“The conditions right now warrant hopefully successful meetings. Coordination is under way to hold OPEC and OPEC+ meetings tomorrow afternoon,” Prince Abdulaziz bin Salman said.

The Russian energy ministry earlier similarly said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.

The producers known as OPEC+ previously agreed to cut supply by 9.7 million barrels per day (bpd) during May and June to prop up prices that collapsed due to the coronavirus crisis.

Cuts have been due to taper to 7.7 million bpd from July to December.