LONDON : OPEC and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.OPEC+, which groups the Organization of the Petrol
LONDON : OPEC and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.
The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. Typically production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation.
Asian countries such as China and India have bought the lion's share of Russian oil exports and refused to join Western sanctions on Russia."We look forward to a resolution that will secure sustainability of balance of supply and demand" said UAE's Energy Minister Suhail Al Mazroui. Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, should"watch out", which many market watchers interpreted as a warning of additional supply cuts.
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