MOSCOW, 5 Oct – PRIME. Informal telephone conversations between the OPEC + delegations took place on the eve of the meeting in Vienna, there is no unanimous decision on reducing oil production by the alliance yet, a source in one of the delegations told RIA Novosti.
“There were secret telephone conversations between the delegations the day before. Not all participants are inclined to reduce production, they are worried about the price and possible risks in the market, given the possible introduction of a price ceiling for Russian oil,” the agency’s interlocutor said.
The source also added that the option of reducing oil production by 1.2-1.5 million barrels per day is being discussed. “But there is no consensus yet,” he concluded.
OPEC+ will hold its first face-to-face meeting since 2020 in Vienna on Wednesday. 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.
The alliance 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.