Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, summoned his counterparts in oil cartel Opec to the Park Hyatt hotel in Vienna for crisis talks last Thursday evening.

Earlier that day, the oil cartel had announced plans for additional production cuts of 1.5-million barrels a day for the next three months in response to collapsing global demand because of the coronavirus outbreak. But just hours later, the proposal was in trouble. The oil market was not buying it and — worse — neither was Russia, Opec’s partner in a three-year alliance.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now