Amidst the COVID-19 crisis, the Organization of the Petroleum Exporting Countries (OPEC) and its allies is supposed to hold a meeting via video conferencing on April 9 to discuss oil production cuts as most of the countries worldwide are under lockdown.
So as to reach to an agreement to reduce the oversupply of oils, ten oil producing nations from outside the OPEC+ alliance including the United States have been invited to the meeting. Other nine nations include Argentina, Brazil, Britain, Canada, Colombia, Egypt, Indonesia, Norway and Trinidad and Tobago.
No official confirmation has been attained regarding the meeting.
Since the beginning of 2020, with the outbreak of the pandemic, oil prices have slashed to multi-decade lows. It has heavily weighed economies and have significantly crushed the demands.
The price war between Saudi Arabia, the biggest producer among the OPEC countries, and Russia that is not an OPEC member has further escalated the situation.