Saudi Arabia’s energy minister Prince Abdulaziz bin Salman sees no reason to hold OPEC+ meetings in May-June.

“I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” Prince Abdulaziz told Reuters. 

Earlier on Tuesday, Russian Energy Minister Alexander Novak said Russia and OPEC had planned to hold regular meetings in May-June to assess the market situation.

As reported earlier, a meeting of OPEC oil ministers and non-OPEC countries, including Russia, Kazakhstan, and Azerbaijan, was held in Vienna on March 6 amid the coronavirus outbreak. However, the participants could not agree on the terms of the deal to reduce oil production. Thus the agreement will be invalid starting from April 1.