MOSCOW, May 31 — Opec President Algeria has proposed bringing forward the next meeting of the oil producing group and its allies, known as Opec+, to June 4 from an earlier plan to hold it on June 9-10, according to a letter from Algeria to Opec+ members seen by Reuters. Algeria’s energy...
The logo of the Organisation of the Petroleoum Exporting Countries is seen outside of its headquarters in Vienna April 9, 2020. ― Reuters file pic
The term “nominations” is used by Opec’s de facto leader Saudi Arabia as well as Iraq and Kuwait to allocate crude to traditional buyers depending on demand. The nominations take place around the 10th of every month. Sources have told Reuters that Saudi Arabia is proposing to extend record cuts from May and June until the end of the year but it has yet to win support from Russia, which believes curbs could be gradually eased.
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