OPEC+ pressures Iraq, UAE to further cut oil production
Saudi Arabia and other OPEC members held a virtual meeting with Russia and other allied oil producers today to discuss the continuing low price of oil amid the COVID-19 pandemic.
Major oil producers today pressured other countries to abide by agreed-upon supply cuts as part of continuing efforts to cope with the global energy market downturn.
The Organization of the Petroleum Exporting Countries (OPEC) met with Russia and other allied oil producers in an online forum today in their combined capacity as OPEC+.
OPEC+ agreed to maintain its current target to reduce the group's overall production by 7.7 million barrels per day. OPEC+ members pressured Iraq, the United Arab Emirates and Nigeria to further cut output during the meeting due to these countries’ overproduction in May, June and July, Reuters reported.
COVID-19 created a drop in oil demand this year, and this along with a price war between Saudi Arabia — the largest producer in OPEC — and Russia led to a supply glut and a massive drop in oil prices.
