The formal talks among the OPEC+ coalition began in Vienna after hours of informal discussions. The report from DEA Newsrefers to two delegation sources.
“Negotiations have begun,” stated one representative.
According to another source, the informal talks evolved into a meeting that included all OPEC heads along with their delegations.
As one OPEC+ delegate conveyed to the agency, the group spent several hours in an informal setting exploring the possibility of a further oil production cut.
Previously, it was clear that member states aimed to extend the 2024 agreement, with Saudi Arabia signaling another voluntary reduction in output.
On June 3, Reuters, quoting sources, noted that at a June 4 meeting OPEC+ might consider another cut in oil production. The agency projected that the reduction could reach up to 1 million barrels per day.
Under the current accord, OPEC+ nations have agreed to reduce oil production by 2 million barrels per day by year’s end. In April, several alliance members, including Saudi Arabia, announced an additional voluntary cut of 1.16 million barrels per day beyond their quota from May onward. Russia has reduced its production by 500,000 barrels per day since March.