OPEC and its allies hold talks on Thursday to discuss plans for the biggest coordinated oil output cut in history but two hurdles remain: reaching a deal on the levels from which to make reductions and securing the participation of the United States.
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries is seen at OPEC's headquarters in Vienna, Austria July 1, 2019. REUTERS/Leonhard Foeger
Another source said Riyadh, which hiked supply to a record 12.3 million bpd in April from 9.8 million bpd in March, was insisting on cutting production from April levels. In terms of volumes, two Russian sources said the maximum Russian cut would be 2 million bpd or about 17% of output. Saudi Arabia has yet to indicate how much it is prepared to cut.One of the challenges facing OPEC+ - the informal grouping of the Organization Petroleum Exporting Countries, Russia and other producers - is getting reliable production figures for producers.
The data usually carries a lag of up to two weeks, so February’s production figures were published on March 11 and the March figures are expected to come out on April 16.
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