OPEC denied media access to its headquarters to reporters from Reuters and other media.
Austrian police officers stand in front of the OPEC headquarters in Vienna, Austria, June 3, 2023. REUTERS/Leonhard FoegerLONDON, June 3 - OPEC and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut.
OPEC held a separate brief meeting on Saturday but ministers made no comment on possible policy decisions afterwards. Typically production cuts take effect the following month after they are agreed, but ministers could also agree a later implementation. They could also decide to hold output steady. The surprise output announcement in April helped to drive oil prices about $9 per barrel higher to above $87, but they swiftly retreated, under pressure from concerns about global economic growth and demand. On Friday, international benchmark Brent settled at $76.
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