Saudi Arabia Calls For Emergency OPEC+ Meeting To Stabilise Market

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Saudi Arabia called on Thursday for an emergency meeting of OPEC and non-OPEC oil producers as it aims to reach a fair oil agreement to stabilize the oil market, state news agency SPA reported.

“The kingdom calls for an urgent meeting of OPEC+ and a group of other countries with the aim to try and reach a fair deal to restore balance to the oil market,” said a statement carried by SPA.

The announcement made by Saudi Arabia on Thursday, which drove oil prices as much as 25 percent higher on the day, adds to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again.

US President Donald Trump said on Wednesday he had spoken with Saudi and Russian leaders and believed the two countries would make a deal to support prices, which even after Thursday’s spike are less than half their level at the start of 2020 before the coronavirus crisis took its toll.

Saudi Arabia called for the emergency meeting of the Organization of the Petroleum Exporting Countries and other producers, a grouping known as OPEC+, saying Riyadh wanted a fair oil agreement to stabilize the market, state news agency SPA reported.

Earlier on Thursday, Russian Energy Minister Alexander Novak told Reuters it had no plans to crank up its crude output.

A senior Gulf source familiar with Saudi thinking had also earlier told Reuters that Saudi Arabia supported cooperation between oil producers to stabilize the market.

“Saudi Arabia has always welcomed and supported cooperation among oil producers in their efforts to stabilize the oil market during the current crisis, based on the principles of fairness and equity,” the source said.

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