OREANDA-NEWS. The Organization of Petroleum Exporting Countries has launched the preparatory process for negotiations within the OPEC+ framework, initiated by Saudi Arabia. The meeting may take place next week, a source in the preparatory process told the Russian media.

"The meeting may take place next week. We have begun communication with countries on this issue", he said, answering the question when the meeting of OPEC+ countries can take place. The interlocutor of the agency didn't specify in what format negotiations can be organized. Saudi Arabia called on the night before to urgently convene a meeting of OPEC+ countries to discuss decisions on the oil market.

A kingdom statement followed negotiations between US President Donald Trump and Russian President Vladimir Putin and Crown Prince of Saudi Arabia, Mohammed bin Salman. Trump believes that the largest oil powers should jointly find a way out of the crisis in the oil market. He proposed to reduce production by 10 million barrels per day in order to offset the drop in demand due to the coronavirus pandemic.