Report: Informal OPEC+ meeting yields no consensus on future

MOSCOW, Nov 30 (PRIME) -- An informal meeting between the participants of OPEC plus agreement was postponed to November 29 from November 28 and finished without an agreement on the future of the deal, Bloomberg reported, citing a source in a delegation.

"Most participants in an informal online discussion on Sunday evening supported maintaining the production curbs at current levels into the first quarter. Yet while Russian Deputy Prime Minister Alexander Novak spoke in favor of postponing the supply hike that’s currently scheduled to happen in the new year, the UAE and Kazakhstan were opposed," the official said.

The OPEC plus members are scheduled to decide on the terms of deal continuation at meetings on Monday and Tuesday.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, and narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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