<p>OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.</p>

<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.</p>

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<p>Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. Before then, OPEC ministers will meet at 11 a.m. on Saturday.</p>

<p>The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May.</p>

<p>If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.</p>

<p>"This number is premature, we didn’t go into these things (yet)," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd.</p>

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<p>Typically, production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation.</p>

<p>Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding too much with Russia despite Western sanctions over Moscow's invasion of Ukraine.</p>

<p>In response, OPEC officials have said the West's money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export.</p>

<p><strong>Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia</strong></p>

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<p>Asian countries such as China and India have bought the lion's share of Russian oil exports and refused to join Western sanctions on Russia.</p>

<h2><strong>Surprise announcement&nbsp;</strong></h2>

<p>"We look forward to a resolution that will secure sustainability of balance of supply and demand," said UAE's Energy Minister Suhail Al Mazroui.</p>

<p>Ministers spoke to reporters in their hotels in Vienna. OPEC has denied media access to its headquarters to reporters from Reuters and other news media.</p>

<p>The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76.</p>

<p>Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should "watch out", which many market watchers interpreted as a warning of additional supply cuts.</p>

<p>Russian Deputy Prime Minister Alexander Novak, however, subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported. Novak, who is on a U.S. sanctions list, is expected in Vienna for Sunday meetings.</p>

<p>The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.</p>

<p>Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports.</p>

<p>"There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.</p>

<p>Edward Moya at brokerage OANDA said: "The oil market is doubtful a consensus for another output cut can be reached between the Saudis and Russians, but traders should never underestimate what the Saudis will do and leverage during OPEC+ meetings."</p>

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OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC and its allies began two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices. Also Read | India's electric two-wheeler retail sales hit record high in May 2023 Three OPEC+ sources told Reuters on Friday that cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna. Before then, OPEC ministers will meet at 11 a.m. on Saturday. The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. "This number is premature, we didn’t go into these things (yet)," Iraq's oil minister Hayan Abdel-Ghani told reporters on Saturday when asked about a possible cut of 1 million bpd. Also Read | Elon Musk's tweet on #WhatIsAWoman fans Twitter buzz. Here's all you need to know Typically, production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation. Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused OPEC of siding too much with Russia despite Western sanctions over Moscow's invasion of Ukraine. In response, OPEC officials have said the West's money-printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export. Watch | Pakistan to begin barter trade with Afghanistan, Iran and Russia × Asian countries such as China and India have bought the lion's share of Russian oil exports and refused to join Western sanctions on Russia. Surprise announcement "We look forward to a resolution that will secure sustainability of balance of supply and demand," said UAE's Energy Minister Suhail Al Mazroui. Ministers spoke to reporters in their hotels in Vienna. OPEC has denied media access to its headquarters to reporters from Reuters and other news media. The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76. Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should "watch out", which many market watchers interpreted as a warning of additional supply cuts. Russian Deputy Prime Minister Alexander Novak, however, subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported. Novak, who is on a U.S. sanctions list, is expected in Vienna for Sunday meetings. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices. Analysts at JPMorgan, however, said OPEC had not acted quickly enough to adjust supply to record high levels of U.S. output and higher than expected Russian exports. "There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd. Edward Moya at brokerage OANDA said: "The oil market is doubtful a consensus for another output cut can be reached between the Saudis and Russians, but traders should never underestimate what the Saudis will do and leverage during OPEC+ meetings." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

OPEC+ begins meetings, likely to opt for further oil output cut amid flagging prices

<p>For the first time since Covid curbs were enforced in 2020, the OPEC+ oil cartel will convene in Vienna the following week, the organisation announced on Saturday.</p>

<p>The first face-to-face meeting of the 13 OPEC members, led by Saudi Arabia, and its 10 allies, led by Russia, will take place in the Austrian capital on Wednesday.</p>

<p>Due to the short notice, if any delegates are unable to attend, a virtual option will be offered.</p>

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<p>The meeting of OPEC+ is taking place against a backdrop of decreasing prices from multi-year highs reached in March and extremely <a href="https://www.wionews.com/world/postal-deliveries-hit-across-uk-after-royal-mail-workers-strike-over-pay-dispute-521445">volatile markets</a>. OPEC+ is made up of OPEC nations as well as allies like Russia.</p>

<p>500,000 to 1 million barrels per day could be cut from oil production, according to sources, in order to support the market.</p>

<p>A source familiar with Russian thinking earlier this week claimed that Moscow could propose a reduction of up to 1 million BPD, while an OPEC source estimated that the actual reduction would likely be closer to 500,000 BPD. Before the meeting, there will be further conversations.</p>

<p><em>(With inputs from agencies)</em></p>

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For the first time since Covid curbs were enforced in 2020, the OPEC+ oil cartel will convene in Vienna the following week, the organisation announced on Saturday.

For the first time since Covid curbs were enforced in 2020, the OPEC+ oil cartel will convene in Vienna the following week, the organisation announced on Saturday. The first face-to-face meeting of the 13 OPEC members, led by Saudi Arabia, and its 10 allies, led by Russia, will take place in the Austrian capital on Wednesday. Due to the short notice, if any delegates are unable to attend, a virtual option will be offered. Also read | Global recession fears LIVE | Natural gas prices increased by 40 per cent in India The meeting of OPEC+ is taking place against a backdrop of decreasing prices from multi-year highs reached in March and extremely volatile markets. OPEC+ is made up of OPEC nations as well as allies like Russia. 500,000 to 1 million barrels per day could be cut from oil production, according to sources, in order to support the market. A source familiar with Russian thinking earlier this week claimed that Moscow could propose a reduction of up to 1 million BPD, while an OPEC source estimated that the actual reduction would likely be closer to 500,000 BPD. Before the meeting, there will be further conversations. (With inputs from agencies) WATCH WION LIVE HERE:

OPEC+ meet next week in Vienna for the first time since 2020 Covid restrictions

Oil prices fell by around $3 a barrel in early Asian trade on Thursday as investors cashed in on a recent rally with a key producers meeting later in the day set to pave the way for expected output increases.

Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting

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OPEC+ begins meetings, likely to opt for further oil output cut amid flagging prices

OPEC+ meet next week in Vienna for the first time since 2020 Covid restrictions

Oil prices skid $3 a barrel as investors take profits ahead of OPEC+ meeting