The meeting between Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ will be held on April 6 through video conference, the Ministry of Energy of the Republic of Azerbaijan announced Friday.
The aim of the meeting at the ministerial level will be to stabilize the oil market and the possibility of a new declaration of cooperation will be discussed, the ministry said.
The meeting will take place due to the invitation sent by Saudi Arabia on Thursday following the mediation talks by the U.S. President Donald Trump between Saudi Arabia and Russia.
Oil prices had started to decline after Saudi Arabia and Russia locked in a war regarding production, with both nations ramping up output after a pact between the Saudi-led OPEC and Russia expired.
During the OPEC+ conference in Vienna, Austria on March 6, Saudi Arabia and Russia failed to make deeper cuts into the group's oil production levels to mitigate the adverse impact of coronavirus on weakening global oil demand.
After the conference both countries announced the following week that they would boost up their crude oil output starting from April, triggering a war for greater market share.
However, price of Brent crude oil climbed above $30 per barrel after Trump announced Thursday he spoke with Saudi and Russian leaders, and expects them to lower their oil production levels substantially.
"Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump said on Twitter.
Meanwhile, Saudi Arabia's news agency SPA reported on Thursday that the Kingdom calls for an urgent meeting between OPEC and OPEC+ countries led by Russia to create "a fair agreement" to stabilize the oil markets.
The Kingdom seeks a meeting to support the global economy under the extraordinary conditions and in the consequence of President Trump's request to balance the markets.
By Ebru Sengul Cevrioglu