OPEC+ producers are expected to agree to a deep cut in their output target, curbing supply in an already tight market despite US pressure to pump more, according to a Reuters report.
The meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, set to take place today in Vienna is an important one and “will take the right decision,” according to the UAE Energy Minister Suhail al- Mazrouei.
OPEC+ producers are expected to agree to a deep cut in their output target, curbing supply in an already tight market despite US pressure to pump more, according to a Reuters report.
Citing OPEC+ sources, Reuters reported that OPEC+ will discuss output cuts of up to 2 million barrels per day, and a cut of that magnitude will be the biggest since the pandemic outbreak.
Ahead of the meeting, oil prices moderated slightly.
Brent crude was down 0.04 percent to $91.76 a barrel at 10.50 a.m Saudi time, while US West Texas Intermediate fell 0.09 percent to $86.43 per barrel.