Reported 6 months ago
OPEC+ has decided to shift its upcoming policy meeting online instead of in person, with delegates anticipating an extension of current oil supply cuts into the second half of the year. The meeting, originally scheduled for June 2, is expected to review around 2 million barrels per day of output reductions introduced to stabilize crude prices. The decision to move the meeting online may have been influenced by health concerns regarding Saudi King Salman Bin Abdulaziz and the recent death of Iranian President Ebrahim Raisi. This move indicates a likely continuation of existing quotas, with the alliance led by Saudi Arabia and Russia aiming to balance US production and economic uncertainties.
Source: YAHOO