OPEC will discuss a record decline in oil prices
Representatives of the participating countries will discuss the possibility of an immediate reduction of oil production due to price fall.
Ministers of member countries of the OPEC on Tuesday, April 21, in urgent will hold a conference call to discuss the situation in the oil market, Bloomberg reported citing sources.
Which countries will participate in the meeting is not specified.
Information about the negotiations also confirmed by Dow Jones, citing sources.
According to sources of Reuters, during the teleconference, the Ministers will also discuss the possibility of the immediate reduction of oil production to start which was planned from may 1.
“We offered to immediately begin to comply with the terms of the transaction and not wait until may, and also to stop the overproduction of oil,” – said the source Agency.
The head of the International energy Agency (IEA) Fatih Birol urged OPEC countries to consider the early and more significant limiting production to stabilize the situation on the oil market. In his Twitter Birol wrote that the reduction in the supply of OPEC+ is a good start, “but insufficient for the immediate restoration of the market balance due to the extent of falling demand”.
In turn, The Wall Street Journal reports that the possibility of meeting may 10 to discuss more of declining oil production.
For the first time in history. As the price of oil has fallen below zero
On the eve of the may futures for WTI crude oil, trades which expire today, fell by almost 300%, falling to minus $37,63 per barrel.
Analysts have warned that if the situation with the storage of oil will deteriorate more quickly in the world, the price of Brent will follow down for WTI. From the start of trading on 21 April Brent has already lost 25% and continues to decrease.
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