OPEC+ Ministers Hold Impromptu Call to Reflect on Price Rout
- Oil continues to crater despite OPEC’s record output cutback
- Group reaffirms commitment to cuts and plans to consult again
Photographer: Andrey Rudakov/Bloomberg
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Oil ministers from the OPEC+ coalition held an unscheduled conference call on Tuesday to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new policy measures.
Alarmed by the market’s unrelenting plunge, despite their announcement of record production cuts earlier this month, several producers held informal talks “to brainstorm the current dramatic oil market situation,” the Organization of Petroleum Exporting Countries said on Twitter. They reaffirmed their commitment to the curbs and agreed to hold regular calls to consult on the market.