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6/19, 11:48 AM (Source: TeleTrader)
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OPEC postpones meeting to July 1-2

The Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that its next meeting has been scheduled for early July in Vienna. OPEC members will meet on July 1, while non-OPEC producers, led by Russia, will join them the following day to discuss the future of the OPEC+ output cut agreement.

"The dates for the meetings of the 176th (Ordinary) Meeting of the OPEC Conference and the 6th OPEC and non-OPEC Ministerial Meeting have been rescheduled to July 1 and July 2, respectively. These replace the original dates of June 25 and 26," OPEC's press service said.

On Tuesday, Russia's Energy Minister Alexander Novak claimed it was still early to make a decision on whether to extend the current output cuts as a result of too many uncertainties in the oil market. Earlier, Saudi and Iraqi energy ministers noted their countries are in favor of extending the production cuts of up to 1.2 million barrels until the end of the year.

Breaking the News / NP