The OPEC-plus group appears to be heading for another round of production cuts. On December 5, several non-OPEC producers and the cartel’s member states said on the opening day of a meeting in Vienna that they would endorse a plan to slash output by 500,000 barrels per day (bpd).
Russia did not immediately join the other non-OPEC states in approving the reductions. Oil & Gas Journal reported, though, that the Kremlin was likely to do so on December 6, the second day of OPEC’s meeting in Vienna.
The 500,000 bpd production cut is designed to supplement the 1.2 million bpd reductions announced earlier this year. But it will only remain in force in the short term, until March 31, 2020.