• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 53 mins The United States produced more crude oil than any nation, at any time.
  • 21 hours China deletes leaked stats showing plunging birth rate for 2023
  • 4 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
Inflation in China is Finally Beginning to Stabilize

Inflation in China is Finally Beginning to Stabilize

China's consumer inflation remains stable,…

OPEC+ to Hold Key Policy Meeting Online and a Day Later Than Planned

The OPEC+ alliance will hold its meeting in early June a day later than initially planned and via a video conference instead of in person, OPEC said on Friday.

All meetings previously planned to take place in person in Vienna on June 1 will now be held online on June 2.

The three key meetings that will be now held via video conference are the meeting of the Joint Ministerial Monitoring Committee (JMMC), the panel monitoring market developments and potentially recommending actions to the ministers to take, the meeting of the OPEC ministers, and finally, the meeting of the ministers of the wider OPEC+ coalition.

The meetings are “expected to be smooth,” delegates told Amena Bakr, Senior Research Analyst at Energy Intelligence, on Friday.

The fact that the OPEC+ meetings will be held online suggests that the producers in the pact have more or less reached an agreement about how to proceed with the current oil production cuts, analysts say.

OPEC+ is currently keeping around 2.2 million barrels per day (bpd) off the market in a deal expiring at the end of June. The alliance will decide at the meetings on June 2 whether to roll over all or part of the production cuts into the second half of the year.  

The OPEC+ group is likely to fully roll over the current cuts until the end of the year, analysts reckon, as oil prices are still rangebound, with Brent Crude stuck in the low $80s, after the slide in the past five weeks due to eased tensions in the Middle East.  

“Crude oil prices continue to drift lower, trading near a three-month low amid signs of demand weakness,” Saxo Bank said in a market commentary note early on Friday, adding that “a rollover of current production cuts remains the most likely outcome” of the OPEC+ meeting.    

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News