MOSCOW, November 30. /TASS/. The OPEC+ ministerial monitoring committee has started its meeting in the videoconference format where the participants of the alliance are to discuss the future crude production plan, a source in one of the delegations told TASS.
Following the meeting OPEC+ monitoring is expected to provide a recommendation, which will be later considered at the general ministerial meeting of the alliance.
A source in one of the delegations told TASS earlier that the option of oil output reduction by 1 mln barrels per day is under consideration at this stage.
That said, Reuters said citing sources that there is also an option suggesting Saudi Arabia’s extension of its voluntary production cut by 1 mln barrels per day, as well as additional cuts by other members of the alliance.
The previous OPEC+ meeting took place on June 4 in Vienna where OPEC+ nations reached an agreement on production parameters by the end of 2024. The reduction of output starting next year from the level of quotas agreed on in October 2022 will total 1.272 mln barrels per day, according to TASS calculations. Moreover, a number of OPEC+ members, including Russia and Saudi Arabia, will voluntarily reduce production in total by 1.66 mln barrels per day by the end of 2024.
In addition to those steps Saudi Arabia voluntarily cuts crude output by 1 mln barrels per day by the end of 2023, while Russia reduces oil supplies to global markets by 300,000 barrels per day.