Key oil producers to discuss pushing prices up

Key oil producers to discuss pushing prices up

The two mainstream oil organizations, OPEC and OPEC+, are scheduled to hold meetings in Vienna on Saturday and Sunday to revise output policies and their impact on crude oil prices.

OPEC’s 186th ministerial meeting is due to kick off later today (Saturday) at the organization’s headquarters.

According to insiders, recent drop of the oil price to the level of USD 70 per barrel might prompt the organization and its allies in the OPEC+ group to cut supplies to push up the prices and maintain stability of the international market.

The stakeholders are currently holding behind-the-curtain talks in Vienna on proposals to shore up the crude prices and trim supplies, ahead of the scheduled official sessions.

OPEC groups 13 key oil-producing states and OPEC+ comprises Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan. The latter’s share of the global oil output accounts to 40 percent.

Last April, these oil producers agreed on cutting the production by more than one million barrels per day, impacting positively on the prices to a certain extent, however they have recently started to turn noticeably bearish.

The word abuzz within the oil quarters is that OPEC+ might decide to slash the output by one million bpd.

Source: Kuwait News Agency