The Organization of the Petroleum Exporting Countries (OPEC) and other oil producers - a group known as OPEC+ - held virtual talks on Thursday.
Saudi Arabia was the first to call for an emergency meeting of OPEC+ to stabilize the oil market.
Thursday’s meeting was chaired by Saudi Minister of Energy Prince Abdulaziz bin Salman.
The talks focused on record production cuts of up to 20 million barrels per day (bpd), equivalent to about 20 percent of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources told Reuters earlier.
