OPEC confirmed on Monday that its member states would reconvene on Tuesday in order to continue discussing the future volumes of the oil cuts amid market uncertainty and reported disagrements within the OPEC+ alliance
MOSCOW (Pakistan Point News / Sputnik - 30th November, 2020) OPEC confirmed on Monday that its member states would reconvene on Tuesday in order to continue discussing the future volumes of the oil cuts amid market uncertainty and reported disagrements within the OPEC+ alliance.
''The 180th Meeting of the OPEC Conference has adjourned for today. Member Country delegations will reconvene for further deliberations tomorrow," OPEC said in a statement.
Earlier in the day, OPEC energy ministers convened for a 180th meeting in order to reach consensus within the organization on the volume of the oil production cuts. However, no recommendation has been issued after the meeting, while sources in the delegations told Sputnik that the decision would be made on Tuesday, when the non-OPEC members would join the meeting as well. According to the sources, the OPEC states are leaning towards extend the oil output cuts, which currently stand at 7.7 million barrels per day, by another three months. The OPEC+ was expected to ease the oil cuts to 5.8 million barrel per day starting from January 1.
