OPEC+ to discuss the next phase of oil production amidst the Coronavirus pandemic

Some of the world’s largest oil producers have decided to have an emergency meeting on Thursday in order to discuss and agree on output cuts amidst the ongoing coronavirus pandemic which continues to heavily affect the worldwide demand for crude.

OPEC+ members are scheduled to hold talks via video-link from 4 p.m. Vienna time to have a discussion on the phase of oil production policy, which is yet to come, CNBC reported.

Due to the statements made by the US President Donald Trump, the hopes of a cut far larger than any deal OPEC+ has ever agreed on before, has been fueled up. 

International benchmark Brent crude traded at $34.20 a barrel Thursday afternoon, by surging beyond 4%, whereas the U.S. West Texas Intermediate (WTI) remained at $26.65, adding 6% higher.

Brent and WTI both succeeded in closing higher in the previous session, although both benchmarks remained more than 50% lower than their January peak.

A bitter dispute between OPEC kingpin Saudi Arabia and non-OPEC leader Russia could be one out of many possible complications resulting an unprecedented production cut.

(Reference: CNBC)

(Leonhard Foeger | Reuters)