• Home
  • OPEC Members Arrive in Vienna; Further Oil Output Cuts being Discussed
On March 3, OPEC members began arriving in Vienna for the scheduled March 5-6 meeting. The lead discussion among the members is the debate over further production cuts as fears of the coronavirus continue to lower global demand. OPEC+ collectively agreed to a 1.7 million bpd cut late last year, while Saudi Arabia has cut an additional 400,000 bpd, putting the total current cuts at 2.1 million. As fears of the virus continue, ministers will discuss the possibility of another cut of 1 million bpd to support oil prices.

OPEC Members Arrive in Vienna; Further Oil Output Cuts being Discussed

On March 3, OPEC members began arriving in Vienna for the scheduled March 5-6 meeting. The lead discussion among the members is the debate over further production cuts as fears of the coronavirus continue to lower global demand.

OPEC+ collectively agreed to a 1.7 million bpd cut late last year, while Saudi Arabia has cut an additional 400,000 bpd, putting the total current cuts at 2.1 million. As fears of the virus continue, ministers will discuss the possibility of another cut of 1 million bpd to support oil prices.

Subscribe
Subscribe to Receive Latest Updates from GIF.