OPEC+ To Meet In Vienna For Oil Talks

The OPEC+ countries are having a meeting in Vienna. They are talking about their production strategy. Saudi Arabia and Russia are having disagreements. This could lead to new cuts in oil production.

OPEC+ countries met in Vienna for two days to review their production strategy. They might reduce their daily oil production by one million barrels (equal to 15.9 million litres) per day.

The experts think the production plan will continue. They want people to be more careful. Russia said they won't change the plan. Saudi Arabia said there might be unexpected things.

In April, OPEC+ cut production for the second time since October 2022. This decision was taken to maintain a stable oil price. But, despite this action, prices remained unstable.

Oil prices have been dropping for almost a year. This means that the supply of oil is larger than what people are currently using. In June 2022, one barrel of OPEC oil cost 107,22 Euros (115 US dollars). Nowadays, it costs around 69,93 Euros (75 US dollars).

"Saudi Arabia, Russia To Clash At Sunday's Meeting."

Saudi Arabia and Russia are not getting along well. This will cause trouble during the OPEC+ meeting on Sunday. Their alliance will be put to the test.

OPEC and their allies are having a meeting in person. Riyadh and Moscow are leading the 13 OPEC members and 10 allies. The meeting is at the OPEC headquarters in Austria. This is the second meeting there since March 2020.

The OPEC spokesman said nothing.

Experts can't agree on whether Saudi Arabia and Russia will stick to the current oil output policy or reduce production to boost prices.

Tamas Varga from PVM Energy said that the two bigs' talk was unsteady. It makes it hard to know what will happen.

The Saudi Energy Minister, Prince Abdulaziz bin Salman, told traders not to assume that oil prices will decrease. This caused rumors about potential new cuts.

But Russia's Deputy Prime Minister Alexander Novak disagreed with that. He said in an interview with Russian media that they will not make any more production adjustments.

Moscow said it would decrease output by 500,000 barrels per day in February. But it didn't meet this target. Also, there are mixed signals coming from Moscow.

Russia sends oil to India and China. The war in Ukraine is still happening. Sanctions from Western countries weaken the Russian economy. India and China buy the oil because it's cheap.