The 23-member group is meeting on Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves
White House officials claim the Organization of Petroleum Exporting Countries and its allies cut oil production by mistake, favoring the Russians.
The decision on Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession.
At the time of its launch in April 2018, ONGC had said the estimated capital expenditure would be $5.07 billion and operational expenditure would be $5.12 billion over a field life of 16 years
Petroleum and gas prices have started to rise and are expected to further rise as oil producing cartel OPEC reduces oil production.
The deal, struck in Beijing this week amid its ceremonial National People’s Congress, represents a major diplomatic victory for the Chinese as Gulf Arab states perceive the United States slowly withdrawing from the wider...