OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries' output quotas for this year and next and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.Reuters that additional production cuts were being discussed among options for Sunday's session.Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.
Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. They could also decide to hold output steady. Last week, Saudi Arabia's Energy Minister Prince Abdulaziz said investors who were shorting the oil price, or betting on a price fall, shouldBASELINES FOR 2023 AND 2024
By contrast, the UAE has insisted on getting higher baselines in line with its growing production capacity, but that would mean its share in the overall cuts might decrease.
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