Russia Has No Objections To Rescheduling OPEC+ Ministerial To June 4 - Sources

Russia Has No Objections to Rescheduling OPEC+ Ministerial to June 4 - Sources

MOSCOW (UrduPoint News / Sputnik - 31st May, 2020) Russia has no objections to moving the OPEC+ ministerial meeting from June 9-10 to June 4, two sources familiar with the country's position told Sputnik Sunday.

As of now, OPEC+ countries are scheduled to hold a two-day video conference on June 9-10 to discuss the energy market situation and the first results of the April deal on oil output cuts. Prior to that, on June 8, the OPEC+ ministerial monitoring committee is expected to hold talks. Some members of the alliance do not rule out that oil reduction parameters, especially those related to the period starting in July, could be changed at the coming talks.

One of the sources told Sputnik that the proposal to reschedule the ministerial meeting for an earlier date was made by Algerian Energy Minister and President of the OPEC Conference Mohamed Arkab.

According to S&P Global Platts energy news agency, an earlier meeting would allow the alliance members to develop an oil supply program for July without May production data from independent analysis sources, which will not be available yet.

Meanwhile, the OPEC+ has not yet made a final decision on the issue.

In mid-April, amid the dramatic drop in oil prices and falling demand over the pandemic, the alliance reached the oil production cut deal in a bid to stabilize the oil market. The deal envisages a reduction in oil production by the OPEC+ group by 9.7 million barrels per day for two months starting on May 1, and possibly up to 15 million barrels daily with the G20 nations taken into account.