OPEC+ meetings postponed until mid-June

The OPEC+ group has postponed its technical and monitoring meetings until the middle of June, but has yet to set a date for a video conference for the Ministers of the organization’s member countries and other producers, sources from Kazakhstan’s Ministry of Energy said.

The Joint Technical Committee meeting has been postponed from June 5 to June 17 and the Joint Ministerial Monitoring Committee meeting from June 8 to June 18, the sources told Efe news on Thursday.

They said negotiations were ongoing and that further changes were possible.

The date for the main ministerial meetings, which was initially scheduled for June 9 and 10, had not been set, the sources said

Russia’s TASS News Agency said on Wednesday that a ministerial meeting was not expected until the problem of quota compliance in May was resolved in line with the OPEC+ agreement reached in April to cut oil production.

Moscow and Riyadh have reached a preliminary agreement to extend by a month the historic cut of 9.7 million barrels per day agreed in April for the months of May and June, TASS reported.

The Russian news agency Interfax said that the OPEC countries had only fulfilled 75 per cent of the OPEC+ agreement for May, with Iraq and Nigeria failing to meet their commitments.

Iraq’s Oil Ministry spokesman Assem Jihad told the RIA Novosti news agency on Wednesday that the country was ready to abide by the agreement and that, despite financial and technical problems, it had “largely” honoured its commitments.

In addition to cuts of 9.7 million barrels per day in May and June, OPEC+ agreed at their April meeting that the cuts would be softened to 7.7 million bpd between July and December, and to 5.8 million bpd between January 2021 and April 2022.