OPEC+ initiates discussions for additional reduction in production

The OPEC+ alliance has begun its official talks in the Austrian capital, Vienna, after several hours of informal discussions about the possibility of further production cuts.

“Negotiations have begun,” RIA Novosti quoted a source as saying. Another source said that informal discussions have moved to a meeting of all heads of OPEC + delegations.

OPEC+ countries are currently working to cut oil production by two million barrels per day until the end of 2023 as part of a deal. Meanwhile, in April, a number of coalition members, including Saudi Arabia, announced their intention to voluntarily reduce production by another 1.16 million barrels per day from May until the end of the year.

Russia, in turn, extended a voluntary cut of 500 million barrels per day, which began in March.

Source: News

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