The broader alliance of OPEC and non-OPEC producers, sometimes referred to as OPEC+, will meet on Friday.
Brent has fallen almost 25% since climbing to a peak in early January, with WTI down more than 30% over the same time period.RBC's Croft said she believes it is likely Russia will sign up to the cuts, given it is in both the economic and political interests of Moscow's to stay in the organization, "but a lot is up in the air right now."
Russia has been cagey about its views on deeper production cuts, with Moscow reportedly in favor of an extension to the current level of cuts rather than an additional reduction.test the strength of their three-year energy alliance once againOPEC Secretary General Mohammed Sanusi Barkindo , Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman and Russian Energy Minister Alexander Novak attend an Opec-JMMC meeting in the UAE capital Abu Dhabi on September 12, 2019.
"We have repeatedly heard from the highest level of government in the Russian Federation of the commitment of the government to this partnership in the declaration of cooperation," he added. Speaking to reporters shortly after OPEC recommended taking 1.5 million bpd off the market for the remainder of the year, Iranian Oil Minister Bijan Zanganeh conceded the group had "no plan B" if Russia or any other non-OPEC members refused to accept the deal.If Russia and other non-OPEC producers approve the group's recommendation on Friday, total output cuts would amount to 3.6 million bpd — approximately 3.6% of worldwide production.
The last time OPEC+ reduced supply on such a scale was in 2008 when it took 4.2 million bpd off the market to support oil prices in the wake of the financial crisis.
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