Source: OPEC+ members mulling online conference in May

MOSCOW, Apr 27 (PRIME) -- Some OPEC+ states are discussing holding an online conference in May after the oil output cut agreement comes into force, and are waiting for market reaction to the cuts, a source with one of the members told PRIME on Monday.

“Currently, there are discussions about a possible video conference of the OPEC+ states after the deal comes into force. We are waiting for the beginning of May to see market reaction to the reduction. A video conference is planned, the talks are underway,” the source said.

The source also said that the member states did not make a joint decision to begin production reduction early.

On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.

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