Vienna Agreement Oil

Sunday`s deal follows a busy week for oil ministers. On Friday, the Group of 20 held a separate virtual meeting to discuss the state of global oil markets, raising speculation that more production cuts may be possible. (The G20 includes producers like Canada and the U.S. that are not participating in the OPEC+ cuts) However, this meeting ended without any new commitments being publicly announced. However, Moscow was cold about the idea and if it refused, Russia`s three-year-old cooperation agreement with the Organization of the Petroleum Exporting Countries, called OPEC+, could become another victim of the coronavirus. In the 1990s, OPEC lost its two youngest members, who had joined in the mid-1970s. Ecuador withdrew in December 1992 because it was unwilling to pay the $2 million annual fee and needed to produce more oil than the OPEC quota,[65] although it was reinstated in October 2007. Similar concerns led Gabon to suspend its accession in January 1995; [66] she returned to the country in July 2016. [2] Iraq has remained a member of OPEC since the organization`s inception, but Iraqi production was not part of OPEC`s quota agreements from 1998 to 2016 due to the country`s discouraging political difficulties. [67] [68] Helima Croft, chief business officer at RBC, told U.S.

outlet CNBC last week: “It looks like it`s planned for her to shake up this deal, perhaps by June 2020.” She added: The meeting would be an opportunity for Saudi Arabia to “put its foot on the neck of ill-advised producers and say: `Get your act together`, Saudi Arabia and Russia on Sunday reached an agreement with other oil-producing countries to cut production by 9.7 million barrels per day for the next two months to stem the collapse in oil prices due to the coronavirus pandemic and the quarrel between Moscow and Riyadh. He predicted that Russia would likely accept a smaller reduction than would have been necessary under Thursday`s deal. His comments brought OPEC`s two main producers, Iraq and Saudi Arabia, closer together. However, Saudi Arabia has yet to publicly react to Iraq`s progress and the near-consensus came late in the day, with analysts previously convinced that the group would only agree to an extension of the current deal. . . .