OPEC and Russia are again going about oil production

OPEC, Russia and other oil producing countries gathered Sunday in an attempt to make a deal about the biggest reduction of oil production in history, which will be 10% of global supply, after their efforts to support oil prices amid the pandemic coronavirus was blocked by Mexico. About it writes Reuters.

ОПЕК и Россия вновь собрались по поводу добычи нефти

The group, known as OPEC+, was to start a video conference at 16:00 Kyiv time.

On Thursday, OPEC+ outlined plans to cut production by more than a fifth, or 10 million barrels per day, but Mexico refused production cuts that it was asked to do, postponing the signing of the final agreement.

OPEC+ also said that she wants the producers outside the group such as USA, Canada, Brazil and Norway, have reduced by 5% or 5 million barrels a day.

Canada and Norway have signaled a readiness to cut production and the United States, where legislation makes it difficult to work in tandem with the cartels, such as OPEC announced that their production will fall sharply by itself this year because of low prices.

Global demand for oil, according to experts, fell by a third, with more than 3 billion people locked in their homes due to the outbreak of coronavirus.

A 15 percent reduction proposals may not be sufficient to stop the decline in prices, predicted last week banks Goldman Sachs and UBS, saying that Brent prices will fall to $ 20. per barrel to 32 dollars. currently $ 70. in the beginning of the year.