The Organization of Petroleum Exporting Countries (OPEC) just started an emergency meeting this Thursday to agree on a historic cut in fuel production after COVID-19 crushed global demand.
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The meeting agreed upon by OPEC and non-OPEC partners, known as OPEC+, takes place at 4 P.M. Vienna time, Austria, and will be conducted via video conference.
The G-20 presidency said the meeting will foster dialogue and global cooperation to ensure stable energy markets and enable a stronger global economy.
The conflicts between Saudi Arabia and Russia will make it difficult to agree on an unprecedented cut in world oil production, analysts say.
However, OPEC+ hopes to persuade non-OPEC producers, such as G-20 members like the US, Canada, Norway, and Brazil, to support cuts in oil production.
U.S. President Donald Trump has shown no interest in supporting such a policy but recently announced that oil production in his country had already declined.
Energy ministers from the Group of 20 major economies will meet for their own extraordinary video conference on Friday.