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Some OPEC ministers due to meet, discuss implementing output cuts immediately: Source

Published: Updated:

A number of OPEC ministers will hold a conference call on Tuesday to discuss oil market developments and means of implementing agreed oil cuts immediately rather than starting on May 1, an OPEC source told Reuters.

“We have proposed an immediate implementation of the deal and not to wait until May, and also to stop overproduction in April,” the OPEC source told Reuters.

The meeting comes a day after US May futures sank into negative territory for the first time in history as demand tumbled due to the coronavirus crisis.