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OPEC+ considering output reduction by 1 mbd — source

OPEC+ nations will gather at the meeting of the ministerial monitoring committee later in the day, after which they will hold a general ministerial meeting of the alliance

MOSCOW, November 30. /TASS/. OPEC+ member states are considering the possibility of reducing crude output by 1 mln barrels per day (mbd), a source in one of the delegations told TASS.

The meeting of OPEC countries only is underway now, he noted. Final OPEC+ output reduction-related decisions are expected to be made later at the alliance’s ministerial meeting.

OPEC+ nations will gather at the meeting of the ministerial monitoring committee later in the day, after which they will hold a general ministerial meeting of the alliance. Initially it was planned to hold the events on November 26 at OPEC’s head office in Vienna. However, the meetings were postponed to November 30, and later it was decided to hold them online.

No official reasons of postponement of OPEC and OPEC+ meetings were disclosed, though Bloomberg said citing sources that they were rescheduled due to disagreements between Saudi Arabia, Angola and Nigeria regarding African countries’ output quotas for next year.