05.03.2020, 12:48
OPEC Began Negotiations on a New Reduction in Production without Russia's Position
Source: OREANDA-NEWS
OREANDA-NEWS. OPEC ministers began a meeting on Thursday to discuss the parameters of additional restrictions on oil production in order to adequately respond to falling demand. According to Iranian Oil Minister Bijan Namdar Zangane, we can talk about an additional 1 million barrels per day.
The meeting in Vienna began an hour later than planned, at 13:00 Moscow time. The ministers have no reason to rush. On the eve of the OPEC+ Ministerial Monitoring Committee, which was to make a recommendation on the parameters for an additional reduction in production, could not come to a consensus. Russia, represented by Energy Minister Alexander Novak, left the meeting before its completion.
According to Russian media sources, the monitoring committee discussed additional restrictions on 1.5 million barrels per day, but Russia and Kazakhstan did not support this proposal. They are not participating in today's meeting, as they are not members of OPEC. The cartel members are likely to discuss their additional limitations. At the same time, all OPEC+ participants will meet on Friday, when Novak returns to Vienna and voices Russia's position.
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.
The meeting in Vienna began an hour later than planned, at 13:00 Moscow time. The ministers have no reason to rush. On the eve of the OPEC+ Ministerial Monitoring Committee, which was to make a recommendation on the parameters for an additional reduction in production, could not come to a consensus. Russia, represented by Energy Minister Alexander Novak, left the meeting before its completion.
According to Russian media sources, the monitoring committee discussed additional restrictions on 1.5 million barrels per day, but Russia and Kazakhstan did not support this proposal. They are not participating in today's meeting, as they are not members of OPEC. The cartel members are likely to discuss their additional limitations. At the same time, all OPEC+ participants will meet on Friday, when Novak returns to Vienna and voices Russia's position.
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.
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