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OPEC+ agreement leaders suggest different mechanisms of oil production cuts in 2021

MOSCOW, November 30. /TASS/. Russia, Saudi Arabia and the UAE, the largest participants in the OPEC+ agreement, differ on the mechanism for oil production cuts in the coming months of 2021 but talks tomorrow, despite all the difficulties, should end with a consensus, an informed source told TASS on Monday.

"There is still no consensus among the UAE, Russia and Saudi Arabia. Therefore, the meeting tomorrow is expected to be difficult and lengthy. However, we will eventually reach a consensus, as always," the source said. It is unlikely that the meeting will end without reaching an agreement as it happened in March, he added.

The UAE suggests not extending the current level of oil production cuts until all agreement participants meet their quotas. Russia assumes oil production recovery can start gradually from January. Saudi Arabia insists that current restrictions should be extended by three months, the source said.