OPEC+, Oil News: Algeria Proposes Moving Upcoming Meeting Earlier - Bloomberg:
OPEC+ is close to a decision to bring forward its meeting by a few days to this week, according to people familiar with the situation.
The move, if confirmed, would give the oil cartel more flexibility to change its current production limits. The existing deal -- struck in April as energy demand and prices collapsed because of the coronavirus pandemic -- calls for curbs to ease from July. But that’s up for discussion at the next meeting, which will be held by video conference.
OPEC members usually decide their plans for shipping oil to customers for July in the first week of June, so an earlier meeting would give them time to react quickly to the outcome.
Algerian Energy Minister Mohamed Arkab, who holds the rotating presidency, proposed a date of June 4, instead of June 9-10. A final decision is expected on Sunday, according to two delegates.
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