Novak arrives in Vienna for OPEC+ talks

VIENNA, 5 Oct – PRIME. A delegation from Russia headed by Russian Deputy Prime Minister Alexander Novak arrived in Vienna to negotiate the OPEC + alliance, an informed source told RIA Novosti.

Bloomberg: OPEC+ may cut production by two million barrels per day

On the agenda is the possibility of a new reduction in production, another interlocutor in the alliance told the agency earlier. The media wrote that a decline in production by 1 to 2 million barrels per day is being discussed. It is possible that the countries will agree not on a one-time, but a gradual reduction.

At the same time, the Financial Times on Tuesday reported, citing sources, that Saudi Arabia would seek to increase oil prices by significantly reducing the offer in order to “anger the United States and help Russia.” At the same time, the administration of US President Joe Biden, ahead of the OPEC+ meeting scheduled for Wednesday, tried to dissuade the organization’s members from the decision to reduce the volume of crude oil production, CNN said, citing government sources.

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It is also noteworthy that on the eve of the official announcement that the current OPEC + meeting will be held in person for the first time since 2020 in Vienna (which emphasizes the importance of negotiations), the United States added Deputy Prime Minister Novak to the SDN list, thus imposing personal sanctions against him. The explanation noted that throughout his career he had been actively involved in the expansion of Russian exports.

As a source of RIA Novosti reported earlier, on the eve of the meeting in Vienna, informal telephone conversations took place between the delegations of the alliance, but there is still no unanimous decision to reduce production in OPEC+. He clarified that the option of reducing production by 1.2-1.5 million barrels per day is being discussed. Some of the participants are worried about the price and possible risks in the market, given the possible introduction of a price ceiling on Russian oil, the source said.

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OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in demand caused by the pandemic. Then the terms of the agreement were repeatedly adjusted, and in August the alliance moved to the final stage of exiting its cuts. In October, OPEC+ adheres to the August parameters, although some countries, including due to external restrictions, have still not been able to reach their allowed production levels.

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