OPEC+ ministers reschedule monitoring committee meeting from June 30 to July 1

The meeting of the OPEC+ ministerial monitoring committee that was previously scheduled for June 30, has been postponed to the next day as ministers need more time for consultations. Now it is scheduled for July 1, the same day as the OPEC+ ministerial meetings, two sources in delegations told TASS.

"The meeting has been postponed to July 1," one of them said, whereas the second confirmed the information, adding that some ministers need more time for consultations.

This means that on Thursday OPEC+ ministers will hold three consecutive meetings, and their sequence will be broken for the first time.

According to the new schedule, the OPEC ministerial meeting will take place at 2:00 pm Moscow time, after which the meeting of the monitoring committee will be held at 4:30 pm Moscow time, whereas the OPEC+ ministerial meeting is now scheduled for 6:00 pm Moscow time. The meeting of the monitoring committee usually preceded ministerial meetings as among its tasks are an estimation of the market, summing up of the results of the agreement’s implementation and provision of recommendations on actions on the oil market.

The monitoring committee consists of eight countries of 23 participating in the crude production cuts agreements, its work is supervised by Russia and Saudi Arabia. The committee traditionally summarizes the current results of the agreement. It may also recommend production levels after August. According to the current agreements, OPEC+ nations increase oil production by 2.1 mln barrels per day from May to July. Consequently, the crude output reduction by OPEC+ will total 5.7 mln barrels per day by the end of July.


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