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