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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.
Two OPEC+ sources said they did not expect the group to agree
further output cuts on Sunday, when OPEC+ ministers gather at 2
p.m. in Vienna (1200 GMT). Before then, OPEC ministers will meet
at 11 a.m. on Saturday.
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.
As the economic outlook worsened, several members of OPEC+ in
April pledged voluntary cuts starting from May, adding to a 2
million barrels per day (bpd) reduction agreed last year.
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.
The surprise announcement in April helped drive oil prices about
$9 per barrel higher to above $87 before retreating to trade
around $75 on Friday, under pressure from concerns about global
economic growth and demand.
Last week, Prince Abdulaziz told investors he said were shorting
the oil price to "watch out", which many market watchers
interpreted as a warning of additional supply cuts.
But Russian Deputy Prime Minister Alexander Novak subsequently
said he did not expect any new steps from OPEC+ in Vienna,
Russian media reported.
(Reporting by Ahmad Ghaddar, Alex Lawler and Maha El Dahan,
editing by Kirsten Donovan)
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