Tough negotiations as OPEC+ meets to decide over output amid tumbling prices | The Guardian Nigeria News
Uncertainty hovers over what major oil-producing nations — collectively known as OPEC+ — will decide when they meet on Thursday in a bid to halt a continuous slump in prices.
Amid stuttering global economic growth, analysts expect OPEC+ — the 13 OPEC members headed by Saudi Arabia and 10 partners led by Russia — to extend or deepen production cuts into next year to prop up prices.
The OPEC states are due to meet by videoconference at 11:00 am (1000 GMT), with their 10 partners slated to join at 3:00 pm to decide on next year’s OPEC+ output policy, according to a source close to the discussions.
But heading into the meeting, disagreement over output quotas appeared to persist among the OPEC+ group, which was forced to delay its key meeting by four days.
It remained unclear whether Saudi Arabia would succeed in convincing African producers to accept lower output targets to further buttress prices, as some members were pushing for higher production instead, sources said.
Tough negotiations as OPEC+ meets to decide over output amid tumbling prices | The Guardian Nigeria News
Uncertainty hovers over what major oil-producing nations — collectively known as OPEC+ — will decide when they meet on Thursday in a bid to halt a continuous slump in prices.
Amid stuttering global economic growth, analysts expect OPEC+ — the 13 OPEC members headed by Saudi Arabia and 10 partners led by Russia — to extend or deepen production cuts into next year to prop up prices.
The OPEC states are due to meet by videoconference at 11:00 am (1000 GMT), with their 10 partners slated to join at 3:00 pm to decide on next year’s OPEC+ output policy, according to a source close to the discussions.
But heading into the meeting, disagreement over output quotas appeared to persist among the OPEC+ group, which was forced to delay its key meeting by four days.
It remained unclear whether Saudi Arabia would succeed in convincing African producers to accept lower output targets to further buttress prices, as some members were pushing for higher production instead, sources said.
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