OPEC may extend deal to cut production by 1.5M barrels

The 179th (Regular) Meeting of the OPEC Conference will be held on June 9 in Vienna, while the 9th OPEC and non-OPEC Ministerial Meeting will be held on June 10, Report informs referring to the OPEC website.

The 8th OPEC and non-OPEC Ministerial Meeting are taking place in Vienna on March 4-6. Following the meeting on March 5, OPEC recommended the OPEC+ group to extend the deal on oil production cut until the end of the year with a decrease of 1.5 million barrels per day in the second quarter.

On March 4, the OPEC monitoring committee was discussing additional restrictions by 1.5 million barrels per day, but Russia and Kazakhstan did not support the proposal, TASS news agency reported.

Russia, represented by Energy Minister Alexander Novak, left the meeting before its completion. All OPEC+ participants will meet on March 6, 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 400,000 barrels per day.