Saudi Arabia calls for urgent OPEC+ meeting to stabilize oil market

Saudi Arabia calls for urgent OPEC+ meeting to stabilize oil market

 

 

 

Saudi Arabia has called for an urgent meeting of the OPEC+ group and other countries; in an effort to reach a fair agreement to restore the desired balance of oil markets, state media reported.

 

 

The state media report said on Thursday that Saudi Arabia made efforts during the past period to reach an agreement within OPEC+ group to restore equilibrium in the oil market; as it has garnered the support of as many as 22 countries within OPEC+ group; but it was not possible to reach an agreement due to lack of consensus, reports Xinhua news agency.

 

 

In a phone call between the Saudi Crown Prince Mohammed bin Salman Al Saud and US President Donald Trump also on Thursday; the two leaders reviewed the situations of energy markets in the world.

 

 

 

Saudi Arabia calls for urgent OPEC+ meeting to stabilize oil market

 

 

 

24-hr curfew on Mecca, Medina

audi Arabia has imposed a 24-hour curfew in Mecca and Medina; as part of precautionary measures against the spread of the novel coronavirus, it was reported.

The curfew would be effective in all parts of the two cities; with continuing ban of entry into and exit from them; Xinhua news agency quoted an official from the Interior Ministry as saying on Thursday.

 

 

ALSO READ: OPEC+ deal collapse, virus double whammy to keep oil in $30s range

 

 

 

Saudi Arabia calls for urgent OPEC+ meeting to stabilize oil market

 

 

 

The ban of entry and exit does not include employees from government and private sectors; whose works require continued performance during the ban period.

Residents of the two cities are allowed to leave their homes to meet only necessary needs; such as healthcare and food supplies from 6 a.m. until 3 p.m. every day.

The Health Ministry on Thursday said the number of confirmed coronavirus cases in the country has increased to 1,885 with 21 deaths.

 

 

The announcement comes after Crown Prince Mohammed bin Salman and US President Donald Trump held a phone call to discuss the matter

 

 

SOURCE: ASIANLITE

About The Author

Lilian Osigwe

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. lilian.osigweh@1stnews.com

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