OPEC+ may clinch 3-months accord for output cut: report

TEHRAN, Apr. 07 (MNA) – Changes are reportedly high for countries part of the OPEC+ group to agree upon implementing oil production cuts for at least three months from May to July, 2020.

OPEC+ group are discussing the idea of oil output cuts and may reportedly finalize the decision in their upcoming extraordinary meeting.

“Three months. I believe the deal can be made from May because April deliveries have already been scheduled,” a high-ranking source in OPEC told TASS, while another source noted that a potential production cut would be “definitely longer than until June.”  

Russia’s energy ministry has received an invitation from OPEC to take part in Thursday’s video conference, and Russia confirms it will take part in that meeting, an official at the energy ministry said on Tuesday.

The leaders of the OPEC+ group, Saudi Arabia for OPEC and Russia for non-OPEC, are reportedly ready to negotiate a massive global production cut amid sinking demand, despite a bitter weekend spat between the former allies about who ditched whom in the OPEC+ talks.  

A video meeting between Saudi Arabia, Russia, and other major oil producers, including representatives from the US, was slated to be held on Monday. However, the meeting was postponed for Thursday after the Saudis and the Russians accused eachother of dumping the other in the OPEC+ alliance that had tried to manage oil supply and oil prices for the past three years.

Both producers are now signaling that they are ready to talk but are pointing out that any massive cut.

MNA/PR

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