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OPEC to meet July 1 and 2 after several postponements
VIENNA, June 19, 2019 (BSS/AFP) – Major oil-producing countries meet in
Vienna on July 1 and 2, the OPEC website and a delegate said Wednesday, after
the biannual gathering had been postponed several times.
Oil producers led by Saudi Arabia are expected to decide whether to extend
production cuts, with investors welcoming the news that a date has been set.
The 176th meeting of the OPEC Conference will be on July 1 followed by the
sixth meeting of OPEC and non-OPEC ministers, which includes Russia.
“They are now the confirmed dates,” a delegate who requested anonymity
told AFP, adding the decision was made on Tuesday.
The current meeting was to be held in April, but then postponed to June
before the current July date.
Investors hope the group and its other key producers led by Russia will
extend output curbs beyond this month to soak up excess supplies.
“Saudi Arabia is already cutting output ahead of the meeting… The de
facto OPEC leader is also preparing to push for better compliance among
producers such as Iraq and Nigeria,” ANZ Bank said in a note.
In March, members of the OPEC+ alliance had said they would continue
coordinating efforts to “stabilise” the oil market through production
cutbacks.
The Organization of the Petroleum Exporting Countries (OPEC) holds
meetings twice a year in Vienna to decide on production levels, which
influence world oil prices.
BSS/AFP/HR/1458