OPEC and its oil producing allies will hold an emergency virtual meeting Sunday evening to finalize previously held-up negotiations over production cuts, Azerbaijan's energy minister said on Sunday, adding that the meeting would be chaired by the energy ministers of Russia and Saudi Arabia.

High-stakes talks were underway on Thursday and Friday among OPEC and OPEC+ members to come to an agreement on the cuts, meant to stabilize crude prices amid falling prices and demand battered by the coronavirus pandemic.

OPEC along with OPEC+, the latter of which is led by Russia, agreed to a historic 10 million barrel per day production cut — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal.