(MENAFN) The conference of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, which is planned to happen today in Vienna is an important one and “will take the right decision,” as stated by the UAE Energy Minister Suhail al- Mazrouei.
OPEC+ producers might confirm a deep cut in their production target, cutting deliveries in an already tight market regardless of US stress to produce more, in line with a Reuters report.
Citing OPEC+ sources, Reuters announced that OPEC+ will discuss output cuts of up to 2 million barrels a day, and a cut of that magnitude will be the biggest since the epidemic.
Before the conference, oil costs weakened a little.
Brent crude decreased 0.04 percent to USD91.76 per barrel at 10.50 AM Saudi time, while US West Texas Intermediate declined 0.09 percent to USD 86.43 a barrel.
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