OPEC+ to hold its first in person meeting since 2020

According to the cartel, OPEC plans to hold its first in person meeting next week since March 2020, as it weighs cutting oil production in order to stem a recent slump in prices.

The 23 nation alliance, led by Saudi Arabia and Russia, is to meet at its headquarters in Vienna on Wednesday, the delegates said. They said that not all countries may be able to send representatives because of the short notice.

The group met online on a monthly basis and wasn't expected to arrange an in-person gathering until at the end of the year.

The news comes a day after the US sanctioned Alexander Novak, Russia's deputy prime minister and point-person for OPEC, following Moscow annexation of four regions in Ukraine. The EU is expected to impose new sanctions of its own, but it is not clear whether they'll be targeted at Russian individuals.