<p>OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.</p>.<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 per cent of the world's crude, meaning its policy decisions can have a major impact on oil prices.</p>.<p>Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 pm in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 am on Saturday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/india-mulls-setting-up-smaller-petro-refineries-to-avoid-hurdles-like-land-acquisition-says-hardeep-singh-puri-1223245.html" target="_blank">India mulls setting up smaller petro refineries to avoid hurdles like land acquisition, says Hardeep Singh Puri</a></strong></p>.<p>Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from Algeria and the United Arab Emirates are among those expected to arrive in Vienna later on Friday, sources said.</p>.<p>As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year.</p>.<p>Another source said it was too soon to be sure of the outcome on Sunday, with bilateral talks between ministers expected ahead of the meeting. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at.</p>.<p>The surprise announcement in April helped drive oil prices about $9 per barrel higher to above $87 before retreating to trade around $75 on Friday, under pressure from concerns about global economic growth and demand.</p>.<p>Last week, Prince Abdulaziz told investors he said were shorting the oil price to "watch out", which many market watchers interpreted as a warning of additional supply cuts.</p>.<p>But Russian Deputy Prime Minister Alexander Novak subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported.</p>
<p>OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.</p>.<p>OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 per cent of the world's crude, meaning its policy decisions can have a major impact on oil prices.</p>.<p>Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 pm in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 am on Saturday.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/india-mulls-setting-up-smaller-petro-refineries-to-avoid-hurdles-like-land-acquisition-says-hardeep-singh-puri-1223245.html" target="_blank">India mulls setting up smaller petro refineries to avoid hurdles like land acquisition, says Hardeep Singh Puri</a></strong></p>.<p>Saudi Energy Minister Prince Abdulaziz bin Salman and his counterparts from Algeria and the United Arab Emirates are among those expected to arrive in Vienna later on Friday, sources said.</p>.<p>As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year.</p>.<p>Another source said it was too soon to be sure of the outcome on Sunday, with bilateral talks between ministers expected ahead of the meeting. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at.</p>.<p>The surprise announcement in April helped drive oil prices about $9 per barrel higher to above $87 before retreating to trade around $75 on Friday, under pressure from concerns about global economic growth and demand.</p>.<p>Last week, Prince Abdulaziz told investors he said were shorting the oil price to "watch out", which many market watchers interpreted as a warning of additional supply cuts.</p>.<p>But Russian Deputy Prime Minister Alexander Novak subsequently said he did not expect any new steps from OPEC+ in Vienna, Russian media reported.</p>