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OPEC+ ministerial meeting to be held online on June 2

Starting the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln barrels per day to balance the market

MOSCOW, May 24. /TASS/. The ministerial meeting of member states of the OPEC+ agreement will be held in a videoconference format on June 2, a representative of OPEC told reporters.

The meeting of the ministerial monitoring committee will also be held on June 2. The conference of OPEC nations that takes place once in half a year, is also scheduled for the same day.

Initially both meetings were scheduled for June 1.

Starting the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln barrels per day to balance the market. Initially, the measure was to apply only in Q1, but in early March, the alliance countries extended its effect to Q2 as well.

Moreover, a number of OPEC+ countries, also including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 1.66 mln barrels per day from last spring to the end of 2024.

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