20:23 GMT06 May 2021
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    BAKU (Sputnik) - The Organisation of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers will hold their next meeting on the evening of Sunday via a video conference, the Azerbaijani Energy Ministry spokeswoman Zamina Aliyeva said.

    "Today, at 20:00 Baku time [16:00 GMT], the OPEC+ ministers will meet online. The meeting is part of consultations on issues raised at the ninth meeting of OPEC-non-OPEC ministers. The meeting, chaired by Saudi Minister of Energy Prince Abdulaziz bin Salman and co-chaired by Russian Minister of Energy Alexander Novak, will be attended by the ministers of OPEC countries and non-OPEC countries that are party to the Declaration of Cooperation," Aliyeva said.

    Earlier this week, G20 energy ministers discussed the possibility of reaching a new deal on oil output cuts. Prior to that, OPEC+ talks were held via video conference and resulted in the adoption of a new declaration which outlined a three-stage reduction of oil production. It was accepted by all states except Mexico. 

    The OPEC+ deal involves 10 OPEC countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Kuwait, Nigeria, Saudi Arabia, and the United Arab Emirates. Three other OPEC members — Iran, Libya and Venezuela — have been exempted from production cuts due to sanctions. Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan are non-OPEC observer states in the deal. 

    Tags:
    oil output cuts, oil production, OPEC
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