VIENNA : OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries' output quotas and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
The three sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. They could also decide to hold output steady.
Two OPEC+ sources also said that the group needs to address the issue of baselines, from which each member performs cuts.West African countries such as Nigeria and Angola have long been unable to produce in line with their targets but have opposed lower baselines because new targets could force them to perform real cuts.
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