OPEC+ postpones its virtual meeting to June 2

The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, postponed its meeting on production policy by one day to June 2.

OPEC said on Friday that the meeting was scheduled to be held in Vienna on June 1, but it will be held online the next day.

Oil producers in the OPEC+ alliance are implementing a voluntary production cut of about 2.2 million barrels per day for the first half of 2024, led by Saudi Arabia, which is extending a previous voluntary cut.

These reductions come in addition to a previous reduction announced since late 2022 in several stages, bringing the total pledged reductions to about 5.86 million barrels per day, or approximately 5.7% of daily global demand, according to Reuters calculations.

Citigroup’s research department ruled out that the OPEC+ alliance would deepen the size of production cuts in the third quarter of this year.