OPEC, OPEC+ Set Meetings for June 6 to Finalize Oil Cut Extension

OPEC and its allies will meet June 6 via webinar to finalize the terms of extending a 9.7 million b/d production cord, indicating a standoff with Iraq over its quota compliance has been resolved. OPEC will meet at 2 pm CET (1200 GMT), and Russia and nine other allies will join the talks at 4 pm (1400 GMT), OPEC announced June 5.
A delegate-level OPEC+ technical committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet June 5 to discuss market conditions and review compliance.

The OPEC+ alliance is expected to extend the cuts through July. Without an extension, the 9.7 million b/d in cuts – the largest coordinated supply accord in the market’s history – are set to roll back to 7.7 million b/d starting July 1 through the end of 2020. But the uncertainty of the global economy as it takes its first tentative steps towards a recovery from the COVID-19 pandemic has brought members into agreement that continuing the deeper cuts is prudent, sources in the organization told…

View entirety: S&P Global Platts