Saudi Arabia has called for an urgent meeting of the OPEC+ group and other countries in an effort to reach a fair agreement to restore the desired balance of oil markets, according to the media report.
On Thursday, Saudi Arabia made efforts during the past period to reach an agreement within OPEC+ group to restore equilibrium in the oil market, as it has garnered the support of as many as 22 countries within OPEC+ group, but it was not possible to reach an agreement due to lack of consensus, State media reported.
The Saudi Crown Prince Mohammed bin Salman Al Saud and US President Donald Trump in a telephonic conversation, reviewed the situations of energy markets in the world.
According to the country’s oil ministry, Iraq supports Saudi Arabia’s initiative to convene an urgent meeting of OPEC+.
In 2019, the OPEC cartel and its oil-producer nation allies opted to trim daily crude output by 1.2 million barrels.
The Organization of the Petroleum Exporting Countries — a cartel of 14 countries pumping one-third of the world’s oil — was holding a high-stakes meeting in Vienna in the same year.
The Paris-based IEA watchdog had cut its forecast for 2019 oil demand-growth for a second straight month and had also trimmed its second-quarter forecast.