• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 day America's pandemic dead deserve accountability after Birx disclosure
  • 13 hours Fukushima
  • 5 mins Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 18 hours CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 hour Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 1 hour Biden about to face first real test. Russia building up military on Ukraine border.
  • 5 hours U.S. Presidential Elections Status - Electoral Votes
  • 16 hours New Chinese Coal Plants Equal All those in U.S.A
  • 3 days Does .001 of Atmosphere Control Earth's Climate?!
  • 4 days U.S. and Chinese investors to buy Saudi pipelines , $10 Billion deal.
  • 2 days Oh the Dems!!! They cheer for helping people while stabbing them in the back!!! Enbridge asks Canadian government to support oil pipeline in dispute with Michigan
  • 3 days The coming Cyber Attack
  • 4 days NG spot prices hit triple digits for weekend delivery
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Agrees To Schedule Meeting On July 1-2

After weeks of disagreements, conflicting reports, and discussions about scheduling conflicts, OPEC has finally decided when it will hold its key meeting to decide whether to extend the oil production cuts beyond June—it is postponing the originally scheduled June 25-26 meeting with a week, to July 1 and 2.

According to the changed timeline of the upcoming events on OPEC’s website, the Joint Ministerial Monitoring Committee (JMMC)—which reviews market fundamentals and makes recommendations to the whole group—will meet on the morning on July 1. A full OPEC meeting will be held on the afternoon on the same day, while OPEC’s non-OPEC partners led by Russia will join the talks on the next day, on July 2.

While OPEC and Russia have been busy trying to assure the markets that they would be working to rebalance the oil market, reports started to emerge in the past few weeks that the parties couldn't even agree on whether to hold the meeting as originally scheduled on June 25-26 or to push it into July.

Reports had it that Russia had requested a delay of the June meeting into early July so that it would be held after the G20 summit in late June, while Iran, which is at odds with the Gulf Arab members of OPEC, has reportedly told the cartel that it wouldn’t agree to a postponement of the key meeting. Related: The Oil Price Risk Analysts Are Ignoring

Khalid al-Falih, the energy minister of OPEC’s largest producer and de facto leader, Saudi Arabia, reiterated on Sunday his hope that the cartel would reach a deal to extend the cuts into the second half of the year at a meeting that will probably be held in the first week of July.

Iran’s Oil Minister Bijan Zangeneh said on Monday that the Islamic Republic “would confirm rescheduling of the upcoming OPEC meeting only if it was to be held on July 10, 11 or 12 from originally June 25.”

Zangeneh has said that he doesn’t want the date changed to July 3-4, as Russia had reportedly originally requested, because of scheduling conflicts.

The latest report before OPEC confirmed on its website today that the meeting is postponed to July 1-2 was that OPEC was discussing a proposal to delay the meeting to July 11 and 12.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News