OPEC and non-OPEC joint committee (JMMC) is currently meeting to study merits of extending existing production cuts by 6, 9 or 12 months. Final decision by wider
group of participating nations will come Thursday. Biggest producers Saudi Arabia, Russia favor 9 months cut.
JMMC meeting was scheduled to start noon Vienna time, comprising OPEC nations Algeria, Kuwait and Venezuela plus Saudi Arabia in role as OPEC president, and non-members Russian and Oman. Iran minister (not yet in Vienna) says will comply with majority view. While most nations in pact favor 9-month extension, some, such as Kuwait, want other durations considered as well before Thursday decision.
OPEC’s press conference will begin 4 pm BST (17:00 local time). The meeting starts 9:00 am BST (10:00 local). source: OPEC
All OPEC and non-OPEC ministers will attend policy-setting meetings on Thursday, which ends with press conference at 5pm Vienna local time Thursday (4pm BST). Saudi Arabia has said cuts would be similar to amounts previously agreed. That pact, which lasts until June 30, aims to curb 1.2m b/d of OPEC supply and 600k b/d from some non-OPEC nations to boost prices.