OPEC+ monitoring committee starts discussing oil production plan in Vienna

The OPEC+ Ministerial Monitoring Committee has started a hybrid meeting in Vienna to discuss the oil production plan, Report informs referring to TASS.

UAE Energy Minister Suhail Mohammed Faraj Al Mazroui, who arrived in Vienna, told reporters that OPEC+ will assess the state of the global economy and make a technical, not a political, decision on oil production levels. He also noted that today’s meeting is important.

On October 1, the OPEC secretariat reported that the meeting of the alliance countries on October 5 will be held in person for the first time since March 2020. Then the organization clarified that the event would be held in a hybrid format - some of the participants would be in Vienna, and some would join them in a video conference format.

At the first face-to-face meeting in Vienna in two and a half years, OPEC+ countries may consider cutting oil production. According to Bloomberg, the alliance is discussing the possibility of reducing production either by 2 million barrels per day, or in the range from 1 million barrels to 1.5 million barrels.