Opec to meet July 1 and 2 after several postponements

 

Opec to meet July 1 and 2 after several postponements

Vienna - Opec holds meetings twice a year in Vienna to decide on production levels, which influence world oil prices.

By AFP, Reuters

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Published: Wed 19 Jun 2019, 12:33 PM

Last updated: Wed 19 Jun 2019, 11:36 PM

Major oil-producing countries will meet in Vienna on July 1 and 2, the Opec website and a delegate said on Wednesday.
Oil producers led by Saudi Arabia are expected to decide whether to extend production cuts.
The 176th meeting of the Opec Conference will be on July 1 followed by the sixth meeting of Opec and non-Opec ministers, which includes Russia.
“They are now the confirmed dates,” a delegate who requested anonymity told AFP, adding the decision was made on Tuesday.
The current meeting was to be held in April, but then postponed to June before the current July date.
Investors hope the group and its other key producers led by Russia will extend output curbs beyond this month to soak up excess supplies.
“Saudi Arabia is already cutting output ahead of the meeting... The de facto Opec leader is also preparing to push for better compliance among producers such as Iraq and Nigeria,” ANZ Bank said in a note.
Brent crude futures were up 11 cents, or 0.2 per cent, to $62.25 a barrel by 1514GMT.
US West Texas Intermediate crude futures rose 5 cents, or 0.1 per cent, to $53.95 a barrel. On Tuesday, it had recorded its biggest daily rise since early January.


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