OPEC+ ministers to continue talks on Tuesday evening for lack of consensus

By Trend

The OPEC+ talks on production cuts in February have been postponed until Tuesday, January 5, since the six-hour ministerial meeting failed to yield an agreement, three participants in the meeting told TASS, Trend reports citing TASS.

Later, the information was confirmed at the OPEC Secretariat.

"It was postponed until tomorrow. The meeting was scheduled for 15.30 Vienna time," one of sources said. The meeting is to start at 17.30 Moscow time.

On Monday, the ministers of the OPEC and non-OPEC nations discussed oil production in February, but failed to yield an agreement. Russia and Kazakhstan insist that the output should be increased by another 0.5 million barrels per day, while the other members of the alliance call for the current production cut of 7.2 million barrels per day to remain in place in February.

Russia and Saudi Arabia are expected to hold bilateral consultations before the Tuesday meeting.