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OPEC+ ministers cancel meeting

05 July 2021 23:59 (UTC +04:00)

OPEC+ ministers will not hold the meeting on July 5 because they need more time for informal consultations, three sources in delegations told TASS on Monday, APA reports.

"This meeting is called off,” one of the sources said. “More time is needed for consultations,” another one added. The meeting “was canceled, revoked but not adjourned,” the third source said. “The date for the next meeting is to be decided,” he added.

“We need time to shed some light on,” one of the sources said.

This is the fourth adjournment of the OPEC+ ministerial meeting.

Meanwhile, OPEC+ agreement participants will keep current production levels until a new decision is taken, another source participating in talks told TASS.

“All [production levels] will remain the same, while there is no agreement [reached],” the source said. According to the current arrangements, OPEC+ countries restore oil production by 2.1 mln barrels per day from May until the end of July. Their cuts against the October 2018 level will be 5.7 mln barrels daily.

Countries participating in the OPEC+ agreement planned to continue production recovery from August and add 2 mln barrels per daily to oil production but cannot yet agree upon parameters for agreement renewal after April 2022.