(Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) and its allies, united within OPEC+, will likely extend the agreement to voluntarily reduce crude production until the third quarter, or even the fourth, two sources close to the organization reported on Sunday.
The sources added that the organization could also extend some reductions to 2025.
OPEC+ is holding a series of meetings by videoconference this Sunday, from 09:00 GMT.
The cartel, whose main ally is Russia, has decided since the end of 2022 to cut its production to support oil prices.
The barrel of oil is currently trading around $80, a price considered insufficient by many OPEC+ members to balance their budget.
OPEC+ members are currently reducing production by 5.86 million barrels per day (bpd), or around 5.7% of global demand.
These reductions break down into 3.66 million bpd until the end of the year for all members and 2.2 million bpd on a voluntary basis by certain members until the end of June.
A new deal this Sunday could include extending all or part of the 3.66 million bpd reductions to 2025 and all or part of the 2.2 million bpd voluntary reductions into the third or fourth quarter of 2024, the officials said. sources.
(Reporting from the OPEC press room; Claude Chendjou)
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