OPEC and its allies will hold a virtual emergency meeting Sunday evening to finalize the cut-off agreement

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An OPEC panel is hung outside the OPEC Secretariat in Vienna, Austria, November 29, 2017.

Akos Stiller | Bloomberg | Getty Images

OPEC and its oil-producing allies will hold an emergency virtual meeting Sunday evening to finalize previously suspended talks on production cuts, Azerbaijani energy minister said Sunday, adding that the meeting would be chaired by ministers of energy from Russia and Saudi Arabia.

High-level talks were underway Thursday and Friday between OPEC and OPEC + members to reach an agreement on reductions, aimed at stabilizing crude prices amid falling prices and demand beaten by the coronavirus pandemic.

OPEC and OPEC +, the latest of which is led by Russia, agreed on Thursday to a historic reduction in production of 10 million barrels per day – which represents about 10% of the world’s oil supply -, but Mexico opposed the amount that it was asked to reduce. , delaying any final agreement.

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