• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 32 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 9 hours Shale Oil will it self destruct?
  • 23 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 18 hours Iran Captures British Tanker sailing through Straits of Hormuz
  • 3 hours Renewables provided only about 4% of total global energy needs in 2018
  • 3 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 day Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 7 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Why Natural Gas is Natural
  • 2 days LA Solar Power/Storage Contract
  • 23 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Alt Text

Oil Market Caps Gains And Losses

The fear of a new…

Alt Text

China Records Rare Drop In Gasoline Output

China just reported a drop…

Alt Text

Oil Capped By Shaky Demand Outlook

Oil held up in Friday…

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 Discord Grows As Saudis Hint At ‘Delayed’ Meeting

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 its oil production cuts into the second half of the year at a meeting that will probably be held in early July.

“We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna,” al-Falih said at a G20 energy and environment ministerial meeting in Japan on Sunday, as carried by Reuters, suggesting that the current OPEC schedule of holding the OPEC and OPEC+ meetings next week, on June 25 and 26, would be slipping to the first week of July.

Asked about when OPEC would meet, al-Falih said, as carried by Reuters:

“Probably the first week of July”.

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

Reports have it that Russia has requested a delay of the June meeting into early July, while Iran, which is at odds with the Gulf Arab members of OPEC, has reportedly told the cartel that it wouldn’t agree to the group postponing the key meeting expected to discuss the fate of the production cut pact expiring at the end of June. Related: Putin’s $40 Oil Lie

Judging from al-Falih’s comments from Sunday, Saudi Arabia and Russia are calling the shots and they may have worked a way to have the meeting held on July 3 and 4.

The Saudi energy minister started to try to talk up the oil prices earlier this month, saying that “On the OPEC side, a rollover is almost in the bag,” with non-OPEC Russia the only big unknown yet.

Neither al-Falih’s comments on Sunday, nor the tanker attacks in the Gulf of Oman last week were able to prop up oil prices on Monday morning, as oil demand concerns continued to weigh on sentiment, sending WTI Crude down 0.55% at $52.22 and Brent Crude down 0.44% at $61.74 as of 09:15 a.m. EDT.

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