Delegates at the Organization of the Petroleum Exporting Countries OPEC+ said that producers in the organization are holding informal talks aimed at finalizing an agreement on reducing oil production this week, reported Argaam.
The delegates stated that Saudi Arabia and other producers are considering extending production restrictions that include two million barrels per day until the second half of this year, with the possibility of extending some restrictions until 2025.
The Minister of Energy Abdulaziz bin Salman revealed that some ministers met in Riyadh to ensure interaction, indicating that the message is understood and agreed upon, reported Akhbaar 24.
He confirmed that discussions between the eight countries that are implementing the voluntary reduction in oil production began two or three weeks ago. The minister pointed out that members of OPEC + are waiting for interest rates to decline and global growth to take a better path, which will contribute to increasing demand.
Delegates and analysts also told CNBC on Friday that the Organization of the Petroleum Exporting Countries and its allies may extend the current production cuts this week, which total about 5.86 million barrels per day.
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