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(OPEC) and (OPEC +) meet in Vienna amid expectations of the possibility of withdrawing additional quantities of oil

04-06-2023

The Organization of Petroleum Exporting Countries (OPEC) and the (OPEC +) group alliance will start their meetings in Vienna today, Saturday and tomorrow, Sunday, to review the joint production policy and its impact on crude oil prices in the global market. The organization said that the 186th regular ministerial meeting of the (OPEC) conference will be held today with the participation of the oil ministers of the 13 member states of (OPEC) at the organization's headquarters in Vienna. In the context, sources close to (OPEC) told reporters that the recent drop in crude prices to about $70 a barrel may push OPEC and the (OPEC +) alliance to withdraw additional quantities of crude oil from the markets in order to support prices and achieve stability in global oil markets. The sources indicated that consultations are currently taking place in Vienna about ways to support oil prices and the possibility of reducing the supply of crude between the oil ministers of the member states of (OPEC) and their counterparts from the (OPEC +) alliance, which includes Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan. . The countries (OPEC) and the (OPEC +) alliance had agreed last April to reduce production by more than one million barrels per day, which relatively supported prices, which recently returned to decline. Just one day before the start of the meeting of the world's major oil producers in Vienna, Brent crude futures rose 1.85 dollars on Friday, or 2.5 percent, to settle at 76.13 dollars a barrel, while US West Texas Intermediate crude rose 1.64 dollars, or 2.3 percent, to settle at 71.74 dollars a barrel.