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2020-06-05 12:40:00

OPEC+ MEETING: JUNE 6

OPEC+ MEETING: JUNE 6

PLATTS - OPEC and its allies will meet June 6 via webinar to finalize the terms of extending a 9.7 million b/d production cord, indicating a standoff with Iraq over its quota compliance has been resolved.

OPEC will meet at 2 pm CET (1200 GMT), and Russia and nine other allies will join the talks at 4 pm (1400 GMT), OPEC announced June 5.

A delegate-level OPEC+ technical committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet June 5 to discuss market conditions and review compliance.

The OPEC+ alliance is expected to extend the cuts through July.

Without an extension, the 9.7 million b/d in cuts – the largest coordinated supply accord in the market's history -- are set to roll back to 7.7 million b/d starting July 1 through the end of 2020. But the uncertainty of the global economy as it takes its first tentative steps towards a recovery from the COVID-19 pandemic has brought members into agreement that continuing the deeper cuts is prudent, sources in the organization told S&P Global Platts.

Saudi Arabia and Russia, the two largest OPEC+ members and its de facto leaders, had been pressuring Iraq and other frequent quota violators, such as Nigeria and Kazakhstan, to improve their performance and also implement extra cuts in the coming weeks to make up for their excess production.

The compliance talks had delayed closing the deal, with a mooted meeting June 4 pushed back, but those issues have now been resolved, said the sources, who asked not to be named because the talks were sensitive.

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Tags: OPEC, RUSSIA, SAUDI ARABIA
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