Saudi Energy Minister Khalid Al-Falih reportedly said that OPEC will likely meet in Vienna during the first week of July, and Reuters reports that he hopes it will come to an agreement about output cuts at that time.
“On the OPEC side, a rollover is almost in the bag,” Al-Falih said earlier this month at an economic forum in Russia, according to Zawya. “The question is to calibrate with non-OPEC. I don’t think there will be a need to deepen the cut.”
In December 2018, OPEC and its non-OPEC allies, known as OPEC+, agreed to cut production by 1.2mn barrels per day, with the majority of the cuts to be shouldered by Saudi Arabia (from OPEC) and Russia (non-OPEC). In April 2019, OPEC hit 168% compliance with the agreed-upon cuts.
“We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna,” Al-Falih said.
