New Delhi/Moscow: The OPEC+ countries may hold a ministerial meeting on Sunday to settle differences over production quota.
Talks between OPEC and its allies led by Russia, known as OPEC+, earlier this month had fallen apart over individual quotas for pumping crude.
“The meeting is highly likely to be held tomorrow. We are now awaiting official confirmation,” Russia’s TASS news agency quoted a source as saying.
Another source confirmed that July 18 was discussed specifically for the meeting.
Asked about whether the main issues that have prevented the ministers from completing the consultations have been settled, one of the sources told TASS that they still need to be discussed with other parties to the agreement. “But overall, yes,” the source said.
Other media reports citing sources said Saudi Arabia and UAE have reached a deal over output quotas, the details of which are not clear.
India has voiced its concern of the rising crude prices. Petroleum Minister Hardeep Singh Puri on Thursday conveyed to Saudi Energy Minister Prince Abdul Aziz bin Salman Al Saud India’s concerns about high oil prices which have pushed fuel rates to a record high.
“Saudi Arabia is a central player in the international energy market. I conveyed my desire to work with His Royal Highness Prince Abdulaziz to bring greater predictability and calm in the global oil markets, and also to see hydrocarbons become more affordable,” Puri said in a tweet.
Puri had also called Emirati Minister of Industry Ahmed Al Jaber, who is the chief executive of Abu Dhabi National Oil Co (ADNOC), seeking the UAE’s support in lowering prices.
In March, Puri’s predecessor Dharmendra Pradhan blamed production cuts by OPEC+ members for driving up oil price.