Russian Energy Minister Alexander Novak called for world's largest oil-producing nations to strike a deal to curb production and stabilise the market, taking part in videoconference negotiations on Thursday in Moscow.

"According to experts, about four billion people are currently on self-isolation, which, of course, has seriously affected activity, movement and, consequently, a decrease in world demand for oil," Novak said at the OPEC+ online meeting.

"In this situation, we consider it justified to increase the number of countries that can take part in joining efforts to stabilise the situation in the world," he added.

Later on Thursday OPEC+ said that a tentative agreement to cut 10 million barrels a day would only happen if Mexico agreed to chip in as well.

The G20 nations are due to hold a virtual meeting on energy on Friday, and it is expected that the OPEC+ members will try to convince Mexico to accept the deal.

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Associated Press 11 May 2020 11:44 CEST

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