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OPEC, allies to confer on Sunday to try to end standoff over cuts plan: sources

Published 04/12/2020, 08:44 AM
Updated 04/12/2020, 09:40 AM
© Reuters. FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

DUBAI (Reuters) - OPEC and its allies will hold a virtual meeting on Sunday evening in a bid to end a standoff that has prevented the finalisation of a global oil supply cut pact, six OPEC+ sources said.

The conference will be held at 1600 GMT, the sources said.

OPEC, Russia and other allies, a group known as OPEC+, outlined plans on Thursday to cut output by more than a fifth in an effort to prop up prices hammered by the coronavirus crisis.

© Reuters. FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

But Mexico balked at the production cuts it was asked to make, delaying signing a final deal.

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