OPEC and Russia have postponed a meeting set for Monday to discuss supply cuts and ending a brutal price war
The meeting is now scheduled for April 9, an OPEC source told CNN on Saturday. The meeting, which was called by Saudi Arabia, comes after President Donald Trump suggested that massive production cuts could be on the way and Saudi Arabia called for an"urgent" effort to restore"balance" to the oil market.
Read MoreThe United States, United Kingdom, Canada and Mexico could be invited, according to reportsTrump, who met on Friday at the White House with US oil executives, said he's optimistic that Saudi Arabia and Russia will reach a deal to end their price war that erupted early last month. "I think President Putin and the crown prince want something to happen badly," Trump said, according to a White House readout of the meeting, referring to Saudi Crown Prince Mohammed bin Salman.
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Oil set to 'crater' Monday as OPEC meeting delayed, tensions flare between Saudi Arabia and RussiaThe meeting between OPEC and its allies scheduled for Monday has been postponed amid ongoing tensions surrounding production cuts.
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Saudi Arabia denies withdrawing from OPEC+ deal, says Russia was the one that withdrewThe Saudi foreign minister said early on Saturday that a statement attributed to Russia's President Vladimir Putin about the kingdom's withdrawal from the OPEC+ deal is not correct, and that Russia is the one that withdrew, state agency (SPA) reported.
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OPEC+ meeting delayed as Saudi Arabia and Russia row over price collapseOPEC and Russia have postponed a meeting planned for Monday until later next week, OPEC sources said on Saturday, as a row intensified between Moscow and Saudi Arabia over who is to blame for plunging oil prices.
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OPEC+ debates biggest ever cut as virus destroys oil demandOPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S. President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
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OPEC+ debates biggest-ever oil cut as virus destroys demandOPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic.
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