LIVE: OPEC+ ministers hold extraordinary meeting on output policy

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OPEC+ ministers are holding a remote meeting on Sunday, July 18 to decide on output policy. According to multiple sources, the virtual gathering comes amid progress toward resolving a standoff with the United Arab Emirates that had blocked a deal to boost output.

Earlier in July, the Organisation of the Petroleum Exporting Countries and its allies abandoned talks on the issue due to last-minute objections from the UAE.

According to the International Energy Agency, without extra output from OPEC+, the oil market would ‘tighten significantly’ and potentially damage the economic recovery.​