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Russian Deputy PM Arrives in Vienna for OPEC+ Talks Amid Possible Oil Output Cuts, Source Says

Sputnik International

VIENNA (Sputnik) - Russian Deputy Prime Minister Alexander Novak has arrived in Vienna for OPEC+ talks on the possibility of a new oil production cut, an... 05.10.2022, Sputnik International

2022-10-05T11:44+0000

2022-10-05T11:51+0000

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The 33rd ministerial meeting of the OPEC+ alliance will take place in Vienna on Wednesday, marking the first in-person ministerial meeting of the group since March 2020.The United States added Novak to the "Specially Designated Nationals" list, thus imposing personal sanctions against him.The organization is expected to discuss possible cutbacks in oil output, another source told Sputnik, suggesting that the members of the alliance may agree on gradually cutting the production.The source suggests that the size of the production cut at the OPEC+ meeting is still to be agreed upon, but Saudi Arabia and Russia are allegedly pushing for reductions of 1.2-1.5 million barrels per day or more, hoping to implement it in a span several months.

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Russian Deputy PM Arrives in Vienna for OPEC+ Talks Amid Possible Oil Output Cuts, Source Says

11:44 GMT 05.10.2022 (Updated: 11:51 GMT 05.10.2022)

© AP Photo / Ronald ZakRussian Minister of Energy Alexander Novak, left, and Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of Qatar and President of the OPEC Conference attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Saturday, Dec. 10, 2016

Russian Minister of Energy Alexander Novak, left, and Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry of Qatar and President of the OPEC Conference attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Saturday, Dec. 10, 2016 - Sputnik International, 1920, 05.10.2022

VIENNA (Sputnik) - Russian Deputy Prime Minister Alexander Novak has arrived in Vienna for OPEC+ talks on the possibility of a new oil production cut, an informed source told Sputnik on Wednesday.

The 33rd ministerial meeting of the OPEC+ alliance will take place in Vienna on Wednesday, marking the first in-person ministerial meeting of the group since March 2020.

The United States added Novak to the "Specially Designated Nationals" list, thus imposing personal sanctions against him.

An oil pumpjack in Tatarstan, Russia

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The organization is expected to discuss possible cutbacks in oil output, another source told Sputnik, suggesting that the members of the alliance may agree on gradually cutting the production.

The source suggests that the size of the production cut at the OPEC+ meeting is still to be agreed upon, but Saudi Arabia and Russia are allegedly pushing for reductions of 1.2-1.5 million barrels per day or more, hoping to implement it in a span several months.