DUBAI / LONDON / MOSCOW (Reuters) – OPEC and its Russian-led partners are scheduled to hold an online meeting Thursday to discuss compliance with agreed production and demand trends amid falling oil prices and a weakening outlook for economic recovery.
A group of key oil producers, together with Saudi Arabia and Russia, known as OPEC +, are expected to maintain their current production cut target at 7.7 million barrels per day, which is about 8% of global demand.
OPEC + is also likely to push for countries like Iraq, Nigeria and the UAE to cut production as compensation for overproduction.
The meeting of the Joint Ministerial Monitoring Committee is expected to begin at 15:00 Moscow time, sources in OPEC + said.
(OPEC team in Reuters. Translated by Olga Beskrovnova. Edited by Elena Fabrichnaya)