The Russian "TASS" agency reported on Sunday, two sources from the "OPEC Plus" coalition that Russia and Saudi Arabia, the two largest producers in the alliance, generally adhere to the existence of a unified position on the level extension Current oil production cuts through the first months of 2021.
One of the sources said that "there is a consensus between Russia and Saudi Arabia." Another source confirmed this information, but indicated that the two sides still had to coordinate "specific details and the mechanism" of the extension.
Sources told the agency earlier that the two sides discussed extending the current level of oil production cuts (by 7.7 million barrels per day) for a period of three or six months from 2021. The OPEC Plus monitoring committee was supposed to present its recommendations to the ministerial meeting of the coalition regarding the extension on October 17. November, however, it took more time to make a decision. Informal consultations between the committee´s ministers are scheduled to take place at seven in the evening, Sunday, Moscow time.
It is scheduled that the OPEC Plus Ministerial Conference will be held tomorrow, where ministers of the Organization of Petroleum Exporting Countries (OPEC) will only discuss the recommendation of the Monitoring Committee, provided that the coalition countries that are not members of the Organization will take the decision the next day.
