179th meeting of the OPEC, non-OPEC conference kicks off

TEHRAN, Jun. 06 (MNA) – The 179th Meeting of the OPEC Conference has started under the chairmanship of HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference.

As OPEC reported on its Twitter account, the meeting is taking place via videoconference. 

The meeting of the OPEC Conference and the 11th OPEC and non-OPEC Ministerial Meeting that were originally planned for 9 and 10 June 2020, respectively, but are now taking place on via videoconference.

In this meeting, OPEC, Russia and their allies hold talks on extending record oil production cuts that have doubled oil prices since April and will push countries such as Iraq and Nigeria to deliver better compliance with output quotas, Reuters reported.

Nigeria’s oil minister said he expected an extension deal, which already has the backing of Russia and Saudi Arabia, to be concluded in the video conference despite “reservations of one or two member countries,” which he did not name.

The alliance known as OPEC+ previously agreed to cut supply by a record 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Cuts were due to taper to 7.7 million bpd from July to December.

An OPEC source said OPEC+ was expected to agree to extend deep cuts throughout July, while the situation would be reviewed later in June to decide on any further extension.

Riyadh had been considering an extension to August or even December, OPEC sources had said before the talks.

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News Code 159487

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