The official negotiations of the OPEC+ alliance began in Vienna after several hours of informal discussions. It has been reported DEA Newsrefers to two sources in the delegations.
“Negotiations have begun,” said one of them.
According to another source, the informal discussions turned into a meeting of all OPEC heads + delegations.
As a delegate from OPEC+ told the agency, the organization’s member states discussed the possibility of an additional reduction in oil production for several hours in an informal format.
It was previously known that it was the intention of OPEC+ member states. to lengthen Agreement for 2024 and Saudi Arabia plans to voluntarily reduce oil production once again.
On June 3, Reuters, citing sources, said at a meeting on June 4 that OPEC+ could consider another reduction in oil production. The agency said the drop in production could be as much as 1 million barrels per day.
As part of the agreement, OPEC+ countries are reducing oil production by 2 million barrels per day by the end of this year. In April, a number of alliance member countries, including Saudi Arabia, announced that they would voluntarily cut an additional 1.16 million barrels per day in excess of quotas from May. Russia has reduced oil production by 500,000 barrels a day since March.