5 Non-OPEC Producers  to Attend Vienna Talks
5 Non-OPEC Producers  to Attend Vienna Talks

5 Non-OPEC Producers to Attend Vienna Talks

5 Non-OPEC Producers to Attend Vienna Talks

Only five of 14 non-OPEC oil producers have agreed to meet the group on Saturday for talks aimed at widening a deal to reduce output, casting doubt on whether OPEC will secure the full cuts it is seeking, two OPEC sources told Reuters. The Organization of Petroleum Exporting Countries, which finalized its first oil output cut in eight years last month to prop up prices, is to hold talks with non-member countries in Vienna in the hope that they will also limit supply. Currently, Russia has said it will cut 300,000 bpd, meaning other non-OPEC producers combined will need to pledge the same amount to lower output by the 600,000 bpd OPEC wants - half the reduction OPEC is making. Among the 14 non-OPEC countries invited to attend Saturday's meeting, only Azerbaijan, Kazakhstan, Oman, Mexico and Russia have accepted. Besides Russia, only Oman has publicly stated it is willing to cut production. In public comments, Azerbaijan has indicated it will lower supply, while Kazakhstan has said it is undecided.

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