OPEC President Algeria has proposed bringing forward the next meeting of the oil-producing group and its allies, known as OPEC+, to June 4 from an earlier plan to hold it on June 9-10, Report informs, citing Reuters.
Algeria’s energy minister, Mohamed Arkab, said in the letter that he had held discussions with “some ministers” about bringing forward the dates, which would help “facilitate nominations.”
The term “nominations” is used by OPEC’s de facto leader Saudi Arabia as well as Iraq and Kuwait to allocate crude to traditional buyers depending on demand. The nominations take place around the 10th of every month.