OPEC, allies to confer on Sunday to try to end standoff over cuts plan: sources

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC). Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

DUBAI (Reuters) – OPEC and its allies will hold a virtual meeting on Sunday evening in a bid to end a standoff that has prevented the finalisation of a global oil supply cut pact, six OPEC+ sources said.

The conference will be held at 1600 GMT, the sources said.

OPEC, Russia and other allies, a group known as OPEC+, outlined plans on Thursday to cut output by more than a fifth in an effort to prop up prices hammered by the coronavirus crisis.

But Mexico balked at the production cuts it was asked to make, delaying signing a final deal.

Reporting by Reuters Opec team; editing by John Stonestreet

Source link