An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.
Akos Stiller | Bloomberg | Getty Images
OPEC and its oil producing allies will hold an emergency virtual meeting Sunday evening to finalize previously held-up negotiations over production cuts, Azerbaijan's energy minister said on Sunday, adding that the meeting would be chaired by the energy ministers of Russia and Saudi Arabia.
High-stakes talks were underway on Thursday and Friday among OPEC and OPEC+ members to come to an agreement on the cuts, meant to stabilize crude prices amid falling prices and demand battered by the coronavirus pandemic.
OPEC along with OPEC+, the latter of which is led by Russia, agreed to a historic 10 million barrel per day production cut — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal.
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OPEC and allies will hold an emergency virtual meeting Sunday night to finalize cut agreement - CNBC
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