VIENNA — The OPEC+ group of oil-producing nations meet on Sunday to debate their output policy, with an extension of current production cuts likely as geopolitical and economic challenges cloud the market.
The biannual meeting of the 12-member Organization of the Petroleum Exporting Countries led by Saudi Arabia and its 10 partners headed by Russia was originally scheduled to take place at the cartel's headquarters in Vienna.But last week, the conference was moved online before some members were asked to travel to the Saudi capital Riyadh. The virtual meeting is due to start at 1100 GMT.
They are among the countries — along with Algeria and Oman — which participate in the voluntary supply cuts.While revising quotas will 'require further efforts from Saudi Arabia,' it 'should also help protect the cartel's unity,' said Ozkardeskaya.Negotiations about the production quotas of member countries have repeatedly been a source of discord in the past, triggering heated debates and even shock departures.
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