OPEC+ to hold June 2 policy meeting online

Oil set for weekly loss as markets worry about demand

REUTERS May 25, 2024
OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic. PHOTO: REUTERS


The OPEC+ group of oil producers, comprising the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.

The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday.

OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut.

The curbs are on top of earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022. That brings total pledged cuts to 5.86 million bpd, equal to about 5.7% of daily world demand, Reuters calculations show.

Meanwhile, oil prices rose on Friday, but looked set for a weekly loss on lingering concerns that sticky inflation could lead to high interest rates for a longer period and curb fuel demand.

The Brent crude July contract rose 74 cents to $81.85 a barrel as of 1553 GMT. The more-active August contract was up 28 cents at $81.39.

US West Texas Intermediate (WTI) crude futures rose 84 cents to $77.71.

Published in The Express Tribune, May 25th, 2024.

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