OPEC+ countries keep plans to hold a General meeting in June in the format of a video conference, but the exact date of the meeting is still being discussed, a source in one of the Alliance’s delegations told.
Following the meeting in April, OPEC+ decided to hold the next scheduled meeting in the format of a videoconference on June 10 to discuss the results of its new deal and further actions on it.
“We plan to hold a meeting in June. But the exact date is unknown, and there have been no discussions about it yet. It may be earlier or later than June 10. There are no specifics,” the source said.
Speaking about the rational discussions at the upcoming video conference, the source said that “most likely, the market situation and the impact of the deal on the market will be discussed.”
“The discussions that are being held between some OPEC+ countries cannot yet give a preliminary assessment of the oil production deal, because everything depends on the situation with the coronavirus,” the source concluded.
OPEC+ agreed on April 12 to reduce oil production by 9.7 million barrels per day in May-June, 7.7 million in the second half of the year, and 5.8 million further until the end of April 2022. The base of reference is taken in October 2018. Still, for Russia and Saudi Arabia, 11 million barrels per day are made, from which, by analogy with all of them, there is a decrease of 23%, 18%, and 14%, respectively. Mexico also insisted on certain conditions: it reduces production only by 100 thousand barrels per day in May-June, the remaining 300 thousand for the United States reduces it.