• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 3 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days An Indian Opinion on What is Going on in China
  • 13 hours Nord Stream - US/German consultations
  • 2 days Can Technology Keep Coal Plants Alive and Well?
  • 3 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 5 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 1 day U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Storage of gas cylinders
Oil Markets Unfazed By Falling Imports From China

Oil Markets Unfazed By Falling Imports From China

Oil prices continued to climb…

Delta Airlines Warns Of Quickly Rising Fuel Costs

Delta Airlines Warns Of Quickly Rising Fuel Costs

Delta Air Lines Inc. delivered…

Inflation Fears Hit Fever Pitch As Gas Rally Continues

Inflation Fears Hit Fever Pitch As Gas Rally Continues

With natural gas prices climbing,…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

OPEC+ Could Hold Its Next Meeting This Week

The next OPEC+ meeting, initially scheduled for June 9-10, could take place earlier than expected according to a Reuters report that cites a letter from the OPEC president of Algeria to the members of the wider producer group.

In the letter, Algeria proposes that the meeting be held this week, on Thursday, so that Saudi Arabia, Kuwait, and Iraq can make their export nominations after the producers’ club decides on the future of production cuts.

Nominations is what Saudi Arabia, Iraq, and Kuwait call their export allocations to long-term clients, which are based on oil demand, Reuters explains, adding they normally take place on the tenth of every month.

A further report citing unnamed sources said Russia did not mind moving the meeting to this week and suggested this might mean Moscow would also agree to extending the current production cuts of 9.7 million bpd beyond the end-June expiry. Of course, nothing is certain and will not be certain until the meeting starts as some Russian oil companies, notably Rosneft, are finding it hard to maintain the current production cuts. Related: Oil Prices Stabilize On Rumors Of An OPEC+ Extension

There is talk, however, that the cuts may be extended by another month or two. An unnamed source told Energy Intelligence that "OPEC-plus could meet on Jun. 4 to decide on a market management policy that might extend the current production cut pact by up to two months."’

According to the original agreement reached earlier this year, OPEC+ was to cut 9.7 million bpd in combined production for two months—May and June—and then ease this to 7.7 million bpd, to stay in effect until the end of the year. Then, from January 2021, the production cuts would be further eased to 5.8 million bpd, to remain in effect until end-April 2022.

Meanwhile, however, OPEC is again falling short of its compliance quotas, with compliance rates for May—the first month of cuts—at just 74 percent. The actual cuts in may were only 5.91 million bpd down from April, with Nigeria and Iraq lagging behind others.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News