OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries' output quotas and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.Reuters that additional production cuts were being discussed among options for Sunday's session. Two other sources said additional cuts were unlikely.
If approved, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. OPEC+ ministers will start gathering from 11 a.m on Sunday in Vienna and have a full meeting from 12 a.m. onwards, according to sources familiar with the latest schedule. By contrast, the UAE has insisted on getting higher baselines in line with its growing production capacity, but that would mean its share in the overall cuts would decrease.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
OPEC+ unlikely to agree bigger oil cuts on Sunday, sources sayOPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.
Read more »
OPEC+ begins meetings that may agree further output cuts - sourcesOPEC denied media access to its headquarters to reporters from Reuters and other media.
Read more »
Oil prices rise after U.S. debt deal, all eyes on OPEC meetingOil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world's biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend.
Read more »
OPEC+ prepares for weekend meeting after Saudi warns speculators to 'watch out'Saudi energy minister Prince Abdulaziz bin Salman has urged oil market speculators to 'watch out.'
Read more »
Oil prices boosted ahead of OPEC+ meetingOil futures rise Friday, but remain on track for weekly losses, as traders look ahead to a weekend meeting of OPEC+ ministers.
Read more »