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There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.
Major oil producers led by Saudi Arabia and Russia met Sunday to discuss slashing output further in a bid to prop up prices, talks that are seen as tough amid tensions between Riyadh and Moscow.
OPEC + ministers meet on Sunday to try to find a solution to oil prices at half-mast. The key to a possible further reduction in their production is against a backdrop of tensions. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) will be joined by their ten partners led by Russia. The meeting, the second in the Austrian capital since March 2020, is scheduled to start around 10:00 am (08:00 GMT) According to a source close to the discussions, a cut of 0.7 to 1 million barrels per day has been mentioned.