OREANDA-NEWSRussian Energy Minister Alexander Novak and Saudi Arabian Minister of Energy, Industry and Mineral Resources, Prince Abdel Aziz bin Salman, can hold a bilateral meeting before the OPEC+ Ministerial Monitoring Committee. This was reported to the Russian media by a source in OPEC.

“They plan a bilateral meeting”, he said, without specifying the details of the negotiations. Ministers lead the monitoring committee, of which six other countries are members. The committee will discuss the conclusion of the experts of the OPEC+ technical committee who on the eve recommended that the alliance countries further reduce oil production in the second quarter by 0.6-1 million barrels per day due to the situation of coronavirus. At the same time, it was recommended to extend the current agreement on reducing production by 1.7 million barrels per day until the end of the year.

The current terms of the OPEC+ deal suggest a decrease in oil production by 1.7 million barrels per day to the levels of October 2018. At the same time, Saudi Arabia, in addition to the established quota, voluntarily reduces production by another 400 thousand barrels per day. OPEC+ ministers will gather in Vienna on March 4-6.