With the oil prices dropping to a record low with the drastic collapse of demand because of the coronavirus pandemic across the globe, a conference call was attended by some of the OPEC Ministers on April 21.
The meeting was attended by the OPEC members Algeria, which holds the OPEC Presidency in 2020, Nigeria, Venezuela, and Iraq along with non-OPEC oil producers Kazakhstan and Azerbaijan.
The Ministers discussed the oil price collapse and the possible extra measures that could be taken to support the oil market. The meeting witnessed the absence of members of the Gulf nations including Saudi Arabia, Kuwait and the United Arab Emirates as well as Russia highlighting a growing split inside the OPEC.
Earlier so as to protect the crumpling oil market, the Organization of the Petroleum Exporting Countries, along with Russia and others known as OPEC+ are due to start cutting supply by 9.7 million barrels per day on May 1.
In the meeting the OPEC ministers discussed the possibility of implementing the agreed oil cuts right away rather than waiting for May 1. It was confirmed by the OPEC source.
The OPEC source said, “We have proposed an immediate implementation of the deal and not to wait until May, and also to stop overproduction in April”.
The next meeting of the OPEC+ is scheduled for June.