Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November.
After convening remotely throughout the Covid-19 pandemic, OPEC+ has returned to in-person meetings and will gather in Vienna on June 4.
The OPEC ministers gather for a separate meeting unlikely to address output on June 3.
Ministers face an oil market rattled by supply volatility, demand uncertainty, and a prospective recession, which could throttle transport fuel consumption.
Two OPEC+ delegates, who did not want to be named due to the market sensitivity of the meeting, told CNBC that further output cuts were unlikely this weekend.
Persons:
Saudi Arabia —, Prince Abdulaziz bin Salman, …, Alexander Novak, Prince Faisal bin Farhan al, Saud, Sergey Lavrov
Organizations:
Ministers, Russia, CNBC, Saudi Foreign, Brent
Locations:
Saudi Arabia, Russia, OPEC, Vienna, Saudi, Moscow, Riyadh, Cape Town, China, London, Washington