the Secretariat of the Organization of countries-exporters of oil plans to hold a Ministerial meeting in the composition of the OPEC countries+ on Saturday, June 6th. It is reported TASS citing a source involved in the negotiations. “Will take place this Saturday,” he said.
As reported by “RG”, informed the tentative dates of meeting was called the ninth the tenth of June. After Russia and Saudi Arabia reached a preliminary agreement to extend the current level of production cuts for at least another month, were invited to meet earlier – the fourth of June that would allow time to establish export schedules and rates of supply in July.
Differences in OPEC+ on the date of the meeting there the Ministers, after obtaining preliminary data on the execution of the agreement in may. It was revealed that Iraq, Nigeria and Kazakhstan has not fully implemented a plan to reduce oil production. This circumstance troubled Saudi Arabia and Russia, who demanded to rectify the situation and only then to plan the meeting. The meeting this weekend, according to a source close to the negotiations, was possible, as Iraq has “recognized the difficulties with the production cuts” and promised to compensate for this in July.
Recall that the meeting of the technical Committee of OPEC+ and the Ministerial monitoring Committee, held on the eve of the main meeting. According to TASS, these meetings are rescheduled for June 17-18, as the parties expect to obtain more relevant data on levels of oil production by the parties to the agreement in may.
According to the agreement, OPEC+, the countries of the Alliance in may-June cut production of 9.7 million barrels a day. The quota for Iraq of this volume is million barrels a day. That is, it needs to reduce its production to 3.6 million barrels per day. However, as reported by Bloomberg, Iraq did it only halfway.
