MOSCOW, May 31 — Russia has no objection to the next meeting of Opec and its allies, known as Opec+, being brought forward to June 4 from the following week, three Opec+ sources familiar with the meeting’s preparations told Reuters today. Algeria, which currently holds the presidency of the the...
The logo of the Organisation of the Petroleum Exporting Countries is seen outside their headquarters in Vienna December 7, 2018. — Reuters pic
Algeria, which currently holds the presidency of the the Organisation of the Petroleum Exporting Countries , has proposed the meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. Opec+ decided in April to cut output by a record 9.7 million barrels per day, or about 10 per cent of global output, to lift prices battered by a drop in demand because of lockdown measures to stop the spread of the coronavirus.
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 that curbs could be eased gradually.
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