OPEC+ Ministerial Monitoring Committee may discuss the extension of output cut for one month at a meeting scheduled for June 18.
Report informs, referring to TASS, that a source in the country delegations said the output cut might be extended until August. However, this is not on the agenda. Another source said that the Monitoring Committee could only follow the agreement's fulfillment, but not discuss such an issue.
At the meeting to be held through videoconferencing, Chairman of the Committee, Saudi Energy Minister Abdulaziz bin Salman, Russian Energy Minister Alexander Novak, Algerian Oil Minister Mohamed Arkab, who is also chairing the OPEC conference this year, will make speeches.
Later on, OPEC report on the fulfillment of the agreement and current situation in the oil market, as well as the report of the Committee of Experts, will be listened.
Although OPEC+ reached an agreement to cut the output by 9.7 million barrels a day in May-June, on June 6 to the deal was extended until July 1. Then, Reuters reported that the extension of output cut until late summer might be discussed at the meeting. However, the Ministerial Monitoring Committee can only give a recommendation, and 23 participants of the Vienna agreement - must discuss this recommendation. Member countries of the Ministerial Monitoring Committee include UAE, Algeria, Iraq, Kazakhstan, Kuwait, Russia, Saudi Arabia, Venezuela.