Sputnik is live from Vienna, Austria, where members of the the Joint Ministerial Oversight Committee, the leaders of OPEC+ and its oil-producing allies, including Russia are holding a press conference following a meeting.
Earlier, it was reported, that possible oil production cuts could have been discussed during the meeting.
OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic. In August 2022, the alliance started the final stage of canceling these cuts, but in November it decided to cut the production once again by 2 million barrels per day from the maximum possible level of August. The decision is valid until the end of 2023. Moreover, in April 2023, a number of the organization's member states, including Saudi Arabia, announced that from May they would voluntarily reduce production in excess of quotas also until the end of the year.
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