Sources: It is Unlikely OPEC+ Will Agree on a Larger Production Cut

Two sources from the OPEC+ coalition stated today, Friday, that it is "unlikely" that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will make a decision regarding further oil supply cuts in the meeting on Sunday, despite oil prices declining toward $70 per barrel this week. However, a third source mentioned that "the outcome of the meeting is still unclear." Another source indicated that "it is too early to confirm the result of the Sunday meeting," anticipating bilateral discussions among the ministers before the meeting. A fourth source noted that "the idea of formalizing voluntary cuts as a decision from OPEC+ is under consideration." However, Russian Deputy Prime Minister Alexander Novak later stated that he does not expect any new steps from OPEC+ in Vienna, according to Russian media reports.