Source: OPEC+ delays next meeting to Thurs on absence of decision

MOSCOW, Dec 1 (PRIME) -- A meeting of the OPEC plus deal participants was postponed to Thursday from Tuesday after the Monday part of the meeting finished without a decision on the future of the deal, two sources in the delegations told PRIME late on Monday.

"A meeting of OPEC and non-OPEC countries was postponed to December 3 because of the need in additional consultations," the official said.

Bloomberg reported that Saudi Arabia is thinking on refusing to co-chair the ministerial monitoring committee of OPEC plus, which it currently does with Russia.

Media reported earlier that most participants in an informal online discussion on November 29 supported maintaining production curbs at the current levels into January–March. Yet while Russian Deputy Prime Minister Alexander Novak spoke in favor of postponing it, the UAE and Kazakhstan opposed.

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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