OPEC+ Oil Alliance to Physically Reunite for the First Time in Years

The countries of the OPEC+ oil alliance will meet again physically about production for the first time since March 2020, when the corona pandemic had just broken out.

 

The meeting at the OPEC headquarters in the Austrian capital Vienna will take place next Wednesday.

OPEC+ has 23 countries, including the major oil producers Saudi Arabia and Russia. Since corona, meetings have always been held online. However, according to delegates, all members may not attend in person because the physical attendance invitation was sent so close to the meeting.

OPEC+ is expected to cut production further to prop up oil prices. Russia would aim for a cut of 1 million barrels per day.

OPEC was instituted in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to ensure “stable and fair” prices. This is done by coordinating together how much oil each country pumps up. The cartel has thirteen members and has been working closely with other oil countries since 2019, including Russia, Kazakhstan and Malaysia.

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