Some OPEC ministers had a conference call on Tuesday to discuss the oil price rout and possible extra measures to support the market but it took place without the core Gulf nations, highlighting a growing split inside the organisation.
With demand collapsing due to the coronavirus crisis, the Organization of the Petroleum Exporting Countries, along with Russia and others - known as OPEC+ - are due to start cutting supply by 9.7 million barrels per day on May 1.
During the call, a number of OPEC ministers discussed implementing the agreed oil cuts straight away rather than starting on May 1, an OPEC source said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage - Business InsiderOil has continued to tumble following OPEC's record-breaking production cut as the coronavirus outbreak craters demand.
Read more »
Trump Claims He Will Temporarily Ban Immigration Into The US In Response To The CoronavirusIt was not immediately clear how the latest planed ban he tweeted about would be implemented.
Read more »
The Official Guide to Caring for a Wooden Cutting BoardGet your mineral oil ready. A wooden cutting board could potentially last your whole life.
Read more »
Oil price collapse threatens global economy: French finance ministerThe collapse of crude oil prices threatens the global economy as it is already struggling to cope with the fallout from the coronavirus outbreak, French Finance Minister Bruno Le Maire said on Tuesday.
Read more »
German officials cancel OktoberfestGermany's famous Oktoberfest, the world's largest beer festival, has been cancelled, Bavarian officials say.
Read more »
Israeli Prime Minister Netanyahu and Rival Benny Gantz Agree to Form Unity GovernmentIsrael’s Prime Minister Benjamin Netanyahu and his rival Benny Gantz have agreed to form a unity government, a move that would avert a possible fourth election as the country grapples with the coronavirus pandemic and keep the Israeli leader in power while he faces trial for corruption charges
Read more »