Vienna-Sana
The Organization of Petroleum Exporting Countries (OPEC) and its partners today postponed a meeting scheduled for tomorrow, Monday, until later this week, with the escalation of disagreement over the cause of low oil prices.
According to Reuters, three sources in OPEC, who requested anonymity, said that the emergency default meeting scheduled on Monday is likely to be postponed until the eighth or ninth of this month to allow more time for negotiations.
OPEC, in addition to oil-exporting countries outside the organization, is working on an unprecedented reduction in oil production equivalent to about ten percent of global supply, or ten million barrels per day.
Oil prices reached their lowest level in 18 years on the 30th of March due to the decline in demand due to the general isolation measures taken by governments to contain the outbreak of the Corona virus and the failure of OPEC and other producers to extend a previous deal on production restrictions that ended on the 31st of March as the Russian President Vladimir Putin yesterday, the Saudi regime responsible for the collapse of prices.