Oil ministers of the "OPEC Plus" alliance began their meeting at the headquarters of the Organization of the Petroleum Exporting Countries in Vienna to discuss production policy. The coalition is currently implementing cuts of 1 million barrels per day, in addition to voluntary cuts announced by several countries in April.
If the new cuts are passed, the total will rise to 4.66 million barrels a day, equivalent to four.5 percent of the world's total daily oil demand. The price of a barrel of Brent was $ 76 per barrel, while the price of West Texas Intermediate crude is $ 71.