Oil producing group OPEC begins a two-day meeting Thursday, along with its non-OPEC allies led by Russia, to decide whether to extend and deepen oil production cuts.
The meeting of the 14-member group OPEC and 10 non-member allies, known collectively as OPEC+, is taking place in Vienna, Austria.
OPEC and non-OPEC producers, led by Saudi Arabia and Russia, first committed to curtailing their collective oil production policy back in 2016 with the deal coming into force in January 2017. Since then, it has been extended and deepened to the current cut,Saudi Arabia also opted then to cut its own production for three months by an additional 400,000 b/d should fellow members stick to their commitments.
Ahead of the OPEC meeting Thursday, a panel of oil ministers including those of Saudi Arabia and Russia, met to try to hammer out a preliminary agreement over an output cut but this reportedly ended without agreement, Reuters said citing unnamed sources.The majority of analysts appear to believe that the alliance could agree on an additional cut, however; most are predicting a 1 million bpd output cut, at least.with benchmark Brent crude trading at $51.
"That's the really tricky bit right now, I think all of us know that at some point the OPEC+ deal is not going to be exactly the same as it is today, it will become a long-term cooperation but I don't think any of us expect that to be at this meeting."
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