Russian Deputy Prime Minister Alexander Novak headed to Vienna to participate in the OPEC+ ministerial session, according to official briefings. The move underscores the ongoing diplomacy surrounding oil policy and supply management among the member nations.
The ministers will gather in person in Vienna, marking the first in-person meeting since October 2022. A source familiar with the discussions indicated to TASS that OPEC+ members will explore a range of options for oil output, with potential reductions on the table as part of ongoing efforts to balance the market and stabilize prices.
On June 3, Saudi Energy Minister Prince Abdulaziz bin Salman signaled that discussions will cover a wide array of topics, and highlighted the high level of anticipation surrounding the talks. He noted that the June meetings are expected to generate lively negotiation dynamics as participants weigh strategic choices for the coming months.
The semi-annual gathering of OPEC members is set to begin on June 3 in Vienna, with a focus on assessing the global oil market and the potential evolution of the OPEC+ agreement. The full ministerial meeting is scheduled for June 4. Reuters, citing multiple sources, reported that there is consideration of further oil production cuts at the June 4 discussions, with some estimates suggesting reductions could reach up to one million barrels per day, contingent on market conditions and compliance among the participating nations.
Earlier, The Wall Street Journal had reported that Saudi Arabia, often regarded as the de facto leader within OPEC, had urged Russia to adhere to previously agreed reduction proposals. These dynamics are unfolding as members gauge demand signals, inventory levels, and the broader geopolitical context that influences the trajectory of crude prices and supply commitments, with ongoing dialogue aimed at maintaining market stability.