OPEC ministerial meeting to review production cut deal

VIENNA, Ministers of the Organization of Petroleum Exporting Countries (OPEC) will hold their 177th ministerial meeting Thursday to discuss the production cut deal and other important energy matters.

According to sources close to OPEC, the attendees of the ministerial meeting are divided between those willing to extend the current deal until the end of the first half of 2020, while some others are asking to increase the production cut slightly by 300,000 to 400,000 barrels per day.

A decision on the matter might not be reached during today’s meeting, but all will be clear by the end of the meeting tomorrow.

OPEC and Non-OPEC producers agreed to reduce production by 1.2 million barrels per day in 2018.

The recent fluctuations of oil prices are expected to overshadow the ministerial meeting, especially after prices have recently fallen below USD 70 a barrel.

Source: Kuwait News Agency