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OPEC+ meeting delayed because of bilateral talks

The meeting was to start at 10.00 am Vienna time but has already been delayed by more than 1.5 hours

VIENNA, March 6. /TASS/. The OPEC+ ministerial meeting to finally decide on volumes and terms of further oil production cuts has not yet started. A range of bilateral consultations is currently underway, a source in one of the delegations told TASS.

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OPEC+ countries perform oil production reduction deal by 112% of target — source

The meeting was to start at 10.00 am Vienna time but has been delayed by more than 1.5 hours.

Russian Energy Minister Alexander Novak arrived earlier at OPEC headquarters for talks on oil reduction within the OPEC+ agreement framework. The Minister is expected to present Russia’s position on volumes and time of production cuts today.

It was also reported that OPEC ministers held extra informal consultations in the evening of March 5 and recommended OPEC+ deal participants to increase oil production reduction by 1.5 barrels daily until 2020 year-end. OPEC suggests such measure in order to balance higher decline in oil demand due to the coronavirus.

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