OPEC Ministerial meeting mulls extension of the production cuts

The long-awaited and repeatedly postponed meeting of OPEC Ministers began through videoconferencing. The main issue on the agenda is the extension of the current quota for reducing production for at least another month, Report says, citing TASS.

Thirteen countries that are members of the organization are attending the meeting. Non-OPEC countries participating in the Vienna agreement, led by Russia, will join them in two hours. The broadcast is available on the OPEC website in the Multimedia section.

The main issue on the list is to reach an agreement on the period to extend the current parameters of the deal. Now all OPEC+ countries are reducing production by 9.7 million barrels per day, and the quota is set for may-June. At the suggestion of Russia and Saudi Arabia, the Alliance countries will now discuss whether to keep it for another one or two months.

Another critical issue is the discipline of implementing agreements. As it became known, almost half did not fulfill their quotas for the reduction of Iraq and Nigeria.

Only 10 OPEC countries (Iran, Venezuela, and Libya are exempt from cuts) from this quota reduce production by 6 million barrels per day.