OPEC and its allies meet to discuss oil output cuts

  • Date: 06-Jun-2020
  • Source: Arab News
  • Sector:Oil & Gas
  • Country:Egypt
  • Who else needs to know?

OPEC and its allies meet to discuss oil output cuts

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020.. VIENNA: OPEC and its allies were holding talks via video conference Saturday to assess their current deal to slash production as oil prices tentatively recover on easing coronavirus lockdowns.. The meeting, originally scheduled for next week, was brought forward to Saturday at the suggestion of Algerian Oil Minister Mohamed Arkab, who currently holds the rotating presidency of the Organization of Petroleum Exporting Countries.. Under the terms of the April agreement, OPEC and the so-called OPEC+ pledged to cut output by 9.7 million barrels per day (bpd) from May 1 until the end of June.. Egyptian state banks collect over $10bn from high-yield savings product /node/1685721/business-economy. CAIRO: Egypt's two biggest state banks have collected 171 billion Egyptian pounds ($10.5 billion) from a new high-yield savings product they introduced in March, officials from the two banks were quoted as saying on Saturday..