A staggering loss of global oil demand due to the COVID-19 pandemic has led Russia and the OPEC to once again face output reductions, according to the Houston Chronicle. The OPEC+ will hold an emergency meeting Thursday to negotiate a massive output reduction, up to 15 percent for Russia.
The negotiations come after President Donald Trump put heavy diplomatic pressure on Russia and Saudi Arabia to end a month-long price war. The outcome of Thursday’s meeting will have drastic impacts on the oil industry worldwide.