The statement said that the Kingdom's call to OPEC + and a group of other countries to hold an urgent meeting with the aim of seeking to reach a fair agreement that restores the desired balance to the oil markets, comes as an extension of what the Kingdom has made From previous efforts to achieve market balance and stability and to continue its enduring endeavors to support the global economy in this exceptional circumstance.
Saudi Arabia, Russia, and oil producers allied with them will not agree to deep cuts to their crude production in this week’s talks, except with the participation of the United States and other countries in restrictions designed to help lift Prices that were badly hit by the Corona Virus crisis.
Global demand for oil plunged by as much as 30%, or 30 million barrels per day, after measures to prevent the spread of the virus reduced the demand for jet fuel and gasoline And diesel.
Besides declining demand, Saudi Arabia and Russia are flooding the market with additional crude since it collapsed last month, a three-year agreement to curb supplies between OPEC and Russia and their allies within the framework of what is known as a group ( OPEC +).
(OPEC +) is scheduled to hold a videoconference on next Thursday, after US President Donald Trump said last week that he brokered an agreement between Riyadh and Moscow are on unprecedented cuts of between 10 million and 15 million barrels per day, or about 10 to 15% of global supplies.
