(MENAFN- Trend News Agency) OPEC+ ministers will hold another meeting on Sunday to discuss a
further oil production plan. Initially the meeting was scheduled to
take place in person in Vienna, however, at the beginning of the
week the ministers decided to meet via video conference, trend reports citing
tass .
As Bloomberg and Reuters reported, the OPEC+ countries are
likely to decide to maintain the current plan for oil production,
which was agreed at the last meeting in October. At that time, the
alliance decided to cut production by 2 million barrels per day
starting on November. The US criticized the decision made by
OPEC+.
In mid-November, The Wall Street Journal, citing OPEC delegates,
reported that Saudi Arabia and other OPEC countries were discussing
the possibility of making a decision to increase oil production
under the OPEC+ agreement by 500,000 barrels per day at the
December meeting. The journal noted that an increase in production
could help overcome difficulties with the US. But a few hours
later, the Ministry of Energy of Saudi Arabia issued a denial of
this information, stating that OPEC+, if necessary, may take
further measures to reduce production to balance supply and demand.
Similar statements were made by representatives of other OPEC
countries, including the UAE, Kuwait and Algeria.
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