Riyadh hopes to reach a fair agreement on oil at OPEC+ meeting

The Council of Ministers of Saudi Arabia expects that the negotiations of OPEC+ countries, which will be held in video format on April 9, will culminate in an agreement in the interests of the market. The Council made such a statement after its meeting on Tuesday, April 7.

The statement particularly emphasizes that “the decision to hold a meeting of OPEC+ countries is a continuation of previous efforts of the kingdom to achieve stability in the oil market”.

It is noted that the purpose of these negotiations is “to reach a fair agreement that will restore the desired balance in the oil market.

Earlier, citing sources in OPEC said that the reduction of oil production in the new deal will be at least three months – from May to the end of July 2020. At the same time, another source of the agency noted that currently there are no clear deadlines, but stressed that the new deal will be valid until the end of July at least.

On March 6, OPEC+ member countries did not reach an agreement on oil production reduction, which resulted in the deal’s collapse. After the negotiations, the media reported that Saudi Arabia plans to increase production to 10-12 mn barrels per day and reduce prices for its oil. On March 9, oil markets collapsed by 30%