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OPEC+ close to agreement to bring forward meeting to June 4

31 May 2020 14:48 (UTC +04:00)

Opec+ members are close to a decision to bring forward their next meeting by a few days, according to people familiar with the situation, APA reports citing Economic Times.

If confirmed, the move would give the cartel and its allies more room for maneuver to change the current production limits. The existing deal -- struck in April as demand collapsed amid the pandemic -- calls for curbs to ease from July. But that’s up for discussion at the next meeting.

Opec members usually decide their plans for shipping oil to customers for July in the first week of June, so meeting earlier gives them time to change tack.

Algerian Energy Minister Mohamed Arkab, who holds the rotating presidency, proposed moving the meeting to June 4, instead of June 9-10. A final decision is expected on Sunday, according to two delegates.