28 November 2017, Sweetcrude, Lagos — The Organisation of the Petroleum Exporting Countries, OPEC, Russia and few other oil producing nations outside OPEC will meet on Thursday, November 30 in Vienna, Austria.
The objective of the meeting is to determine whether or not to continue with the oil cuts deal to boost oil prices.
Oil prices dropped in Asian trading on Tuesday amid fear and uncertainty that OPEC and its allies will continue with the cut agreement.
The group and Russia pledged to cut 1.8 million barrels per day, mb/d, output starting from January this year. It was renewed to extend through March next year.
Brent futures fell to $63.72 a barrel by 0753 GMT Tuesday, down 12 cents, or 0.2 percent from their previous close on Monday.
Market prices were affected by the uncertainty that Russia will extend its cooperation with OPEC over the deal.
As OPEC meets with its partners, the United Arab Emirates energy minister, Suhail bin Mohammed al-Mazroui said on Tuesday that, while the meeting on Thursday would not be easy, however, he was optimistic the group would agree on favourable market terms.
When asked for how long the deal would be extended, he said the oil market would have to wait until the end of the meeting on Thursday.
Russia’s economy was negatively affected by the cuts in October. The country had agreed to cut output by 300, 000 b/d, according to its Economy Minister, Maxim Oreshkin on November 23.