OPEC+ to discuss oil cuts of more than 400,000 bpd: Report

OPEC and it's allies meet today in Vienna. (File photo: Reuters)

The Organization of the Petroleum Exporting Countries and its allied oil-producing nations (OPEC+) will discuss deeper oil cuts of more than 400,000 bpd on Thursday at a meeting in Vienna, Reuters cited two sources as saying.

Russian energy minister Alexandar Novak declined to comment on whether Russia supports the current OPEC+ deal or would be in favor of additional cuts at the meeting, Reuters added.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said he feels good about the OPEC meeting, Reuters quoted him as saying.

Iran would support a majority decision by members of the OPEC to cut oil production, according to the country's OPEC envoy, Reuters reported on Thursday, citing Iranian oil ministry website SHANA.

“Iran supports (a) majority decision about dropping oil production,” said Hossein Kazempour Ardebili, Iran’s representative to OPEC.

Novak said that Russia appreciates the dialogue and cooperation already developed with Saudi Arabia in a meeting with the Saudi Arabian energy minister Prince Abdulaziz bin Salman ahead of the meeting, the Russian Energy Ministry said on Twitter.

Novak also said the oil ministers present at the meeting will discuss the group's joint action in the oil market, including for the first quarter of 2020, the Russian energy ministry cited Novak as saying on Twitter.

“It is necessary to bear a uniform load to fulfill obligations as part of our joint decisions,” he was quoted as saying.

OPEC and its allies form the OPEC+ group have been restraining output since 2017 to support global energy markets. The current deal removes 1.2 million barrels per day of oil from markets and expires in March next year. Meanwhile, output from producers outside of the OPEC+ group, including the US, Canada, Brazil, and Norway is expected to grow, putting additional pressure on prices.

(With agencies)

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Last Update: Wednesday, 20 May 2020 KSA 14:06 - GMT 11:06
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