Riyadh – Arabs today

Prices soared The oil Thursday, thanks to expectations that the world’s major oil producers will agree to cut production at a meeting later today, while the sector is experiencing a collapse in global demand caused by an outbreak Corona VirusBrent crude futures rose 1.2 percent, or 41 cents, to 33.25 dollars a barrel by 05:29 GMT, as the contract rose to the highest level during the session at 33.90 dollars, to record an increase for the second day. 82 cents to $ 25.91 a barrel, after earlier rising as much as 6.1 percent.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, in what is known as the “OPEC +” group, will hold a videoconference on Thursday.

The meeting is expected to be more successful than one in March, when they failed to agree to extend supply cuts.

Hopes grew with an agreement to reduce between ten million and 15 million barrels per day after media reports indicated that Russia was ready to reduce its production by 1.6 million barrels per day, according to Reuters. A reduction in that size would be much greater than any reduction agreed upon to produce “OPEC” at all before.

After the “OPEC +” meeting, the energy ministers of the Group of 20 major economies will hold a meeting to discuss ways to help alleviate the effects of the Covid-19 disease pandemic on global energy markets.

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