SAUDI ARABIA CALLS FOR URGENT OPEC+ MEETING TO STABILIZE OIL MARKET


03/04/2020




Aslıhan DOĞRU -TDO- Saudi Arabia has reportedly called for an emergency meeting of countries in and non-OPEC+ oil producer’s ad it aims to reach a fair oil agreement.

This step was made to reach a fair agreement and restore the balance in oil markets, the news said, "Last March, oil prices, the outbreak of coronavirus (Covid-19) that undermines oil demand in the world, as well as OPEC and some non-OPEC oil producers were in a major collapse due to the inability to reconcile," the statement said.

Such a supply and demand imbalance in the oil market has not been seen in the last 18 years.

As of today, Brent oil's June futures are trading at $27 a barrel.

The announcement made by Saudi Arabia on Thursday, which drove oil prices as much as 25 percent higher on the day, adds to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again.


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