Next OPEC+ ministerial meeting to be held on March 6 in Vienna

Next OPEC+ ministerial meeting to be held on March 6 in Vienna
  • Clock-gray 18:57
  • calendar-gray 10 January 2020

The next meeting of the joint ministerial committee of OPEC and non-OPEC states is scheduled to March 6 in Vienna, the Organization said on its website on Friday, APA reports citing TASS.

An extraordinary meeting of OPEC member-states will take place on March 5, prior to the OPEC+ meeting.

Furthermore, meetings in June were also scheduled. The subsequent OPEC meeting is planned to take place on June 9 in Vienna, followed by the OPEC+ ministerial meeting on June 10.

The OPEC+ production reduction pact is aimed at stabilizing crude prices. The countries participating in the agreement (24 crude exporters, including Russia) agreed to adjust the terms of the deal for the first quarter of 2020 at a meeting on December 6. Now starting January 1, 2020 their oil production cuts will rise by 0.5 mln barrels per day from the current quota to 1.7 mln barrels per day. Russia’s quota has been increased from 228,000 to 300,000 barrels per day from the level of October 2018.

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