Major oil producers hold critical meeting to review supply cuts as price rally gathers steam



Sam Meredith | CNBC

LONDON — A group of some of the world’s most powerful oil-producing nations on Thursday will discuss the next phase of production policy amid the ongoing coronavirus crisis.

Ministers representing OPEC and non-OPEC partners, an energy alliance sometimes referred to as OPEC+, have convened via videoconference to determine whether to lift crude production or keep it steady. A press conference is scheduled to take place following the conclusion of the meeting.

Analysts broadly expect OPEC+ to reverse some of the output cuts it made last year, although oil prices climbed higher on speculation that the group may decide against increasing supply.

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