• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 3 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 18 hours Indonesia Stands Up to China. Will Japan Help?
  • 8 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 6 hours Beijing Must Face Reality That Taiwan is Independent
  • 19 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 23 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 10 hours Might be Time for NG Producers to Find New Career
  • 2 days Phase One trade deal, for China it is all about technology war
  • 6 hours Trump has changed into a World Leader
  • 1 day Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 2 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
Alt Text

The Complete Guide To Hydraulic Fracturing

The complete guide to hydraulic…

Alt Text

Oil Bears Are Back As Demand Fears Go Viral

Demand fears, largely driven by…

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
Download on the App Store Get it on Google Play