Soon, your petrol and diesel could get costlier. That's because world's top oil producers could consider further supply cuts, when they meet later this month. Saudi Arabia, Russia and other OPEC+ members have already pledged total oil output cuts of 5.16 million barrels per day.

All eyes are on key OPEC+ meeting on November 26

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.

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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.

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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

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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.

<h2>Surprise announcement&nbsp;</h2>

"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."

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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

The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy.&nbsp;The announcement comes amid uncertainty as markets are trying to assess how a slowing Chinese economy will affect demand and how the recent price cap on seaborne Russian oil by EU and G7 nations will impact&nbsp;supply.&nbsp; 
 
The much-awaited decision came&nbsp;just two days after the Group of Seven (G7) nations agreed to a $60 per barrel price cap on Russian oil, even as many nations in Europe are battling an energy crisis.

The Organization of the Petroleum Exporting Countries (OPEC), which is a cartel of 13 countries, led by Saudi and allied producers including Russia, decided to stick to their course agreed upon in October of a production cut of two million barrels per day until the end of 2023.&nbsp;

In a statement, OPEC+ described the decision it took in October as one "which was purely driven by market considerations". The statement added that it had been "the necessary and the right course of action towards stabilizing global oil markets."&nbsp;

The move had angered the United States, who blamed the bloc and accused the leaders of siding with Russia despite Moscow's war in Ukraine.&nbsp;

The next OPEC+ ministerial meeting is scheduled for next year on June 4. But the alliance said it was ready to "meet at any time and take immediate additional measures" to address market developments and support the oil market if necessary.&nbsp;

According to OPEC+, its output was reduced as a result of a dimmer economic outlook. Because of slower Chinese and global growth as well as rising interest rates, oil prices have fallen since October, which has led the market to speculate that the group may reduce output once more.&nbsp;

(With inputs from agencies)&nbsp;

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The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy.

The OPEC+ oil cartel decided at a meeting on Sunday (December 4) to maintain their current crude output levels as they haven't changed their targets for shipping oil to the global economy. The announcement comes amid uncertainty as markets are trying to assess how a slowing Chinese economy will affect demand and how the recent price cap on seaborne Russian oil by EU and G7 nations will impact supply. The much-awaited decision came just two days after the Group of Seven (G7) nations agreed to a $60 per barrel price cap on Russian oil, even as many nations in Europe are battling an energy crisis. The Organization of the Petroleum Exporting Countries (OPEC), which is a cartel of 13 countries, led by Saudi and allied producers including Russia, decided to stick to their course agreed upon in October of a production cut of two million barrels per day until the end of 2023. In a statement, OPEC+ described the decision it took in October as one "which was purely driven by market considerations". The statement added that it had been "the necessary and the right course of action towards stabilizing global oil markets." The move had angered the United States, who blamed the bloc and accused the leaders of siding with Russia despite Moscow's war in Ukraine. The next OPEC+ ministerial meeting is scheduled for next year on June 4. But the alliance said it was ready to "meet at any time and take immediate additional measures" to address market developments and support the oil market if necessary. According to OPEC+, its output was reduced as a result of a dimmer economic outlook. Because of slower Chinese and global growth as well as rising interest rates, oil prices have fallen since October, which has led the market to speculate that the group may reduce output once more. (With inputs from agencies) 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+ agrees to stick to its oil output targets amid market uncertainties, energy crisis

OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers' group told Reuters on Saturday.

The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over&nbsp;OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices.

Also read |&nbsp;<a href="https://www.wionews.com/world/opec-postpones-meeting-over-oil-output-impasse-new-date-not-set-396052">OPEC+ postpones meeting over oil output impasse, new date not set</a>

The Organization of the Petroleum Exporting Countries, along with Russia and other allies, a group is known as&nbsp;OPEC+, still needs to take a final decision on output policy after talks earlier this month were abandoned because of the dispute between Saudi and the UAE.

OPEC&nbsp;could not be reached for comment outside regular business hours.

Sunday's meeting will be held virtually as have all such discussions since last year.

OPEC+ last year agreed on record output cuts of almost 10 million barrels per day (bpd) to cope with a pandemic-induced slump in demand, curbs which have been gradually relaxed since then and now stand at about 5.8 million bpd.

Also read |&nbsp;<a href="https://www.wionews.com/world/opec-and-allies-set-for-another-crude-output-increase-388754">OPEC and allies set for another crude output increase</a>

The dispute between Riyadh and the UAE spilled into the open after previous&nbsp;OPEC+ talks, with both airing concerns about details of a proposed deal that would have added an extra 2 million bpd to the market and extended the pact until the end of 2022.

The objective was to ease upward pressure on oil prices that have recently climbed to 2-1/2 year highs.&nbsp;

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One&nbsp;OPEC+ source said last week Riyadh had agreed to Abu Dhabi's request to have UAE's baseline - the level from which cuts under the&nbsp;OPEC+ agreement on supply curbs are calculated - set at 3.65 million bpd from April 2022, up from 3.168 million.

OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers' group told Reuters on Saturday. The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices.

OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers' group told Reuters on Saturday. The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Also read | OPEC+ postpones meeting over oil output impasse, new date not set The Organization of the Petroleum Exporting Countries, along with Russia and other allies, a group is known as OPEC+, still needs to take a final decision on output policy after talks earlier this month were abandoned because of the dispute between Saudi and the UAE. OPEC could not be reached for comment outside regular business hours. Sunday's meeting will be held virtually as have all such discussions since last year. OPEC+ last year agreed on record output cuts of almost 10 million barrels per day (bpd) to cope with a pandemic-induced slump in demand, curbs which have been gradually relaxed since then and now stand at about 5.8 million bpd. Also read | OPEC and allies set for another crude output increase The dispute between Riyadh and the UAE spilled into the open after previous OPEC+ talks, with both airing concerns about details of a proposed deal that would have added an extra 2 million bpd to the market and extended the pact until the end of 2022. The objective was to ease upward pressure on oil prices that have recently climbed to 2-1/2 year highs. One OPEC+ source said last week Riyadh had agreed to Abu Dhabi's request to have UAE's baseline - the level from which cuts under the OPEC+ agreement on supply curbs are calculated - set at 3.65 million bpd from April 2022, up from 3.168 million.

OPEC+ plans new output policy meeting on Sunday, sources say

As producers balance expectations of a recovery in demand against a possible increase in Iranian supply, OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday.

World Business Watch: OPEC+ likely to stick with current supply plan, sees orderly Iran return

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All eyes are on key OPEC+ meeting on November 26

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

OPEC+ agrees to stick to its oil output targets amid market uncertainties, energy crisis

OPEC+ plans new output policy meeting on Sunday, sources say

World Business Watch: OPEC+ likely to stick with current supply plan, sees orderly Iran return