LONDON: In order to increase oil prices, the Organization of the Petroleum Exporting Countries (OPEC) held an in-person meeting in Vienna to cut the output as Saudi Arabia is consulting with major oil giants including Russia to review the group’s future oil output policy.
The meeting of the 13-member organisation was held at its headquarters about three hours later than scheduled, AFP reported quoting a source.
According to the analysts, OPEC+ is to maintain their current policy, however, but signs have emerged this weekend that the 23 countries may make deeper cuts.
According to local media, an output cut of one million barrels per day (bpd) was one of the options being discussed.
Several members of the oil organisation agreed in April to voluntarily slash production by more than one million bpd — a sudden move that briefly prevented prices to go up but failed to bring about lasting recovery.
Oil producers are grappling with falling prices and high market volatility amid the Russian special operation in Ukraine that commenced in February last year, which has upended economies worldwide.
The delegations were reported to have been tight-lipped as they arrived at the headquarters.
Analysts are divided over whether heavyweights Riyadh and Moscow will keep the group on course with its current output policy, or further curtail production. –Agencies
