• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 41 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
A Ban on LNG Exports Could Boost Carbon Emissions

A Ban on LNG Exports Could Boost Carbon Emissions

President Biden’s recent decision to…

Carbon Nitride: A Breakthrough in Material Science

Carbon Nitride: A Breakthrough in Material Science

University of Edinburgh scientists have…

Hydrogen Mining: The New Energy Transition Challenge

Hydrogen Mining: The New Energy Transition Challenge

French researchers have discovered a…

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

ADVERTISEMENT

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