OPEC has begun to prepare for meetings to take place within the OPEC+ framework, with talks potentially happening next week, Russian state news agency TASS reported sources as saying on Friday.
Saudi Arabia unexpectedly called an urgent meeting of oil exporters on Thursday after US President Donald Trump revived slumping oil prices with a tweet saying he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.
“The meeting could take place next week. We have started communicating with the countries about this question,” the source said.
Global oil demand has fallen off a cliff because of the global slowdown caused by the coronavirus pandemic, which has been compounded by a collapse in an agreement between OPEC and allied exporters, known as OPEC+, to regulate global supply.
Saudi Arabia wants US producers, Canada, Mexico and others in G-20 to join any cuts, sources told Wall Street Journal.