Saudi Arabia has proposed to raise the collective oil production of OPEC + participants by 600-800 thousand barrels a day, Financial Times reported.
The proposal is not final, but it is the basis to discuss the level of production between the OPEC countries and non-OPEC participants at the June 23 meeting in Vienna.
According to the source, the negotiations are expected to be held with Russia as well.
Saudi Arabia’s energy minister Khalid al Falih said on Wednesday that it was time for the group to “change course and respond to the market.”
The participants of OPEC and non-OPEC countries are expected to determine the new goals of this deal during the meeting on June 23.