OPEC presses for deeper oil cuts, Russia yet to agree


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OPEC presses for deeper oil cuts, Russia yet to agree

OPEC (Organization of Petroleum Exporting Countries), a 14-naiton pact of crude oil exporters had been gearing up pressure to extend crude oil output curb further by 400,000 barrels per day to 1.6 million barrels a day, nonetheless Russia, the third-largest crude oil producer across the globe and a pivotal part of OPEC+’s strategical dogma, had yet to agree on the accord following growing opposition from its state-backed oil giants, sources familiar with the negotiation revealed earlier this week, pointing towards a stormy meet of OPEC+ nations scheduled to be taken place on December 5th and 6th in Vienna, Austria.

Nonetheless, the OPEC members were due to meet on Thursday (December 5th) to discuss about critical policy decision on further production cut, which would be followed by a meet of OPEC nations alongside its Russia-led allies on Friday (December 6th).

In point of fact, latest development on OPEC’s view towards further outlook cut followed earlier comments from Iraqi Oil Minister, who was quoted saying earlier this week that the OPEC was contemplating an option to curb output further, while casting a chaotic outlook on Friday’s (December 6th) meet between OPEC and its allows, Russian energy minister said over the last weekend that the OPEC ally was still assessing on whether to vouch for an output curb until June 2020. Nonetheless, current OPEC+ agreement to curb output by 1.2 million barrels per day would end on March 31st, 2020.