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.