OPEC+ members meet Sun. in Riyadh for output discussions

The 37th OPEC+ Ministerial Meeting will be held on Sunday evening in Riyadh, Saudi Arabia, to discuss production levels for the upcoming months, amidst a decline in oil prices as of late. The discussion will center on production cuts and whether they will be extended or canceled, knowing that OPEC+ is adopting official cuts for the majority of member countries, and another that includes voluntary cuts. According to market experts, today's meeting will mainly seek the possibility of extending 2.2 million barrels per day cut, which is a voluntary reduction by eight countries, and will expire by the end of June. The burden of these cuts was bared by major producers like Saudi Arabia, reducing their production in the summer of 2023 by approximately one million bpd, while the 2nd major producer Russia in OPEC+, had reduced production to 400,000 bpd. The total cuts of member countries in March reached 5.9 million bpd, and last November 22 member countries extended production cuts previously agreed on to 3.66 mi llion bpd until the end of this year. Source: Kuwait News Agency