OPEC members, Russia and other producers agreed on a 10% cut in the world oil supply to refrain the price decline. In a meeting between G20 energy ministers, Bento Albuquerque explained Petrobras’ output cut.
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Brazilian Mines and Energy minister Bento Albuquerque spoke over the phone with Saudi prince Abdulaziz bin Salman Al Saud and confirmed that the country will join the group’s discussions on petroleum.
During a video conference this Thursday (26). The leaders of the world’s leading economies pledged to inject USD 5 trillion into global markets to address the coronavirus crisis, and to work to keep global supply chains working.
With Saudi Arabia in the group’s presidency, the world’s biggest economies said they will keep close track of the impact of the pandemic on markets.
The announcement was made in Davos, Switzerland during the World Economic Forum. Summit will run in October, before the G20 meetings.
The bloc’s Summit will take place in Riyadh, the Arab country’s capital, in November 2020.
The secretary-general of the Council of Arab Chambers believes companies in Brazil and Saudi Arabia must work in closer connection as their governments build tighter relations.
