OPEC+ has oil production cut project ready – report

The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) readied a plan on the size of the oil output reduction, Russian news agency RIA Novosti reported on Wednesday, citing a source familiar with the matter.

The draft of the document determining production quotas is prepared and Secretary-General of OPEC Mohammed Barkindo is expected to discuss the format of the agreement with individual countries and their readiness to agree to the deal later in the day, the source said.

OPEC+ is set to meet tomorrow to discuss the deal, which will, according to the report, also depend on the subsequent negotiations of the G20 energy ministers which are scheduled for Friday.



Breaking the News / MS



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