Energy

OPEC and allies will hold an emergency virtual meeting Sunday night to finalize cut agreement

Key Points
  • OPEC and its allies agreed to a historic 10 million barrel per day production cut Thursday, but opposition from Mexico is holding up a final deal. 
  • The agreement is aimed at stabilizing crude prices amid falling prices and demand battered by the coronavirus pandemic.
An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.
Akos Stiller | Bloomberg | Getty Images

OPEC and its oil producing allies will hold an emergency virtual meeting Sunday evening to finalize previously held-up negotiations over production cuts, Azerbaijan's energy minister said on Sunday, adding that the meeting would be chaired by the energy ministers of Russia and Saudi Arabia.

High-stakes talks were underway on Thursday and Friday among OPEC and OPEC+ members to come to an agreement on the cuts, meant to stabilize crude prices amid falling prices and demand battered by the coronavirus pandemic.

OPEC along with OPEC+, the latter of which is led by Russia, agreed to a historic 10 million barrel per day production cut — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal. 

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