The first gathering of the OPEC+ oil cartel after the implementation of Covid limitations in 2020 will take place in Vienna the following week, the organization announced on Saturday.
The 13 OPEC members, led by Saudi Arabia, and the 10 nations that support them, led by Russia, will meet in person for the first time in the Austrian capital since the spring of 2020 on Wednesday.
The gathering will happen as anxieties about the impact of the recession on petroleum demand are fueling discussion about significant output cuts.
After Russia invaded Ukraine in March, oil prices surged to about $140 per barrel, but they have subsequently dropped to about $80 per barrel due to recessionary concerns.
After the coronavirus outbreak, OPEC+ met virtually once a month instead of in person twice a year in Vienna.
When the pandemic caused oil prices to plummet in 2020, it had committed to significant output cuts; yet, as the market started to recover last year, it started to raise production.
