OPEC and its allies have met late Sunday for the second time in four days to discuss the dynamics of global oil market, and how much each of 23 oil producing countries would cut their individual oil production.
"10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting starts under the chairmanship of Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, co-Chair Alexander Novak, Russia’s Minister of Energy," OPEC said on its Twitter account.
Led by Saudi Arabia, 13 members of OPEC, and Russia-led 10 oil producing countries of non-OPEC met late Thursday to discuss coronavirus-related weak global oil demand and low prices.
The group dubbed as OPEC+ agreed early Friday to lower their total crude oil production level by 10 million barrels per day (bpd) starting from May 1 to June 30.
However, Mexico said it could only curb its oil output by 100,000 bpd, instead of 400,000 bpd due to financial issues of its national oil company Pemex.
The U.S., world's largest crude oil producer, is in talks with Mexico to share some of the burden in output cuts, according to local reports.
OPEC+ group is expected to solve Mexico's issues before oil market opens in Asia early Monday to prevent another major plummet in crude prices.
The group is also set to decide how much each of the 23 oil producing nations will lower their oil production levels.
By Ovunc Kutlu