Saudi Arabia, along with many other OPEC countries are planning to extend the record production cut until the end of the year 2020; however, it is yet to secure support from Russia.
- OPEC and members previously agreed to slash the output by 9.7 million barrels per day in April 2020, and as the COVID-19 outbreak has taken a toll on the global demand, the OPEC is further trying to pull chairs on the negotiation table.
- The oil kingpin- Saudi Arabia continues to believe that the global oil market needs support and is aiming to extend the production cut to reduce the supply glut.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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