Key OPEC+ participating countries have started consultations on postponement of the decision on the future of the crude production cut deal from March to June 2020, a source in OPEC told TASS.
"Consultations between key OPEC+ ministers on that issue have begun," he told TASS on Wednesday, declining to specify the countries in question. Late on Tuesday, the source said that it is "unreasonable" to hold another OPEC+ meeting in early March as the secretariat would not have obtained updated production data by that time. It is more reasonable to postpone the talks to June, he added.
The March meeting was agreed in December. Back then, OPEC+ ministers decided to boost output reduction from 1.2 mln barrels per day to 1.7 mln barrels per day. Certain countries with poor compliance rates were criticized. Saudi Arabia urged the laggards in the deal to bring compliance with their quotas to 100% as soon as possible.