OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude, meaning its policy decisions can have a major impact on oil prices.
Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from Algeria and the United Arab Emirates are among those expected to arrive in Vienna later on Friday, sources said. Another source said it was too soon to be sure of the outcome on Sunday, with bilateral talks between ministers expected ahead of the meeting. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at.
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