The teleconference scheduled for 1400 GMT between OPEC, its OPEC+ allies including Russia and other key non-members is seen as the best chance of providing support to prices which are wallowing near two-decade lows.But investors seemed hopeful on Thursday, sending oil prices rising.
Thursday’s meeting intends to conclude an agreement to cut production by between 10 and 15 million barrels per day, Kuwait’s Oil Minister Khaled al-Fadhel said in an interview with the Kuwaiti Al-Rai daily published Thursday. Saudi Arabia will on Friday host a separate virtual gathering of energy ministers from the G20 group of major economies in a similar bid to ensure “market stability”.
Yet its oil sector appears reluctant to trim production, having extracted a near-record 13 million barrels per day in the final week of March. This fell to 12.4 million bpd last week.
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