{"id":5776,"date":"2023-06-02T13:44:05","date_gmt":"2023-06-02T13:44:05","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5776"},"modified":"2023-06-02T13:46:41","modified_gmt":"2023-06-02T13:46:41","slug":"opec-unlikely-to-agree-bigger-oil-cuts-on-sunday-sources-say","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5776\/","title":{"rendered":"OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Roydad Naft News Agency &#8211; OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.<\/p>\n\n\n\n<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world&#8217;s crude, meaning its policy decisions can have a major impact on oil prices.<\/p>\n\n\n\n<p>Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 a.m. on Saturday.<\/p>\n\n\n\n<p>Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from Algeria and the United Arab Emirates are among those expected to arrive in Vienna later on Friday, sources said.<\/p>\n\n\n\n<p>As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year.<\/p>\n\n\n\n<p>Another source said it was too soon to be sure of the outcome on Sunday, with bilateral talks between ministers expected ahead of the meeting. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at.<\/p>\n\n\n\n<p>The surprise announcement in April helped drive oil prices about $9 per barrel higher to above $87 before retreating to trade around $75 on Friday, under pressure from concerns about global economic growth and demand.<\/p>\n\n\n\n<p>Last week, Prince Abdulaziz told investors he said were shorting the oil price to &#8220;watch out&#8221;, which many market watchers interpreted as a warning of additional supply cuts.<\/p>\n\n\n\n<p>But Russian Deputy Prime Minister Alexander Novak subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-06-02T13:46:41+00:00\"> 2 June 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Roydad Naft News Agency &#8211; OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear. OPEC+, which groups the [&hellip;]","protected":false},"author":1,"featured_media":5777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,1],"tags":[],"services":[],"class_list":["post-5776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-opec"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=5776"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5777"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5776"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}