OPEC+, which surprised markets on April 2 with further output cuts that pushed up the price of oil, will meet on June 4 in Vienna to discuss whether or not to further curtail production
Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend.
OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, surprised the market on April 2 with further output cuts that pushed up the price of oil.Here is what OPEC+ producers have said so far:Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, the de-facto leader of the Organization of Petroleum Exporting Countries , gave another warning last week to speculators.
Tuesday’s comments by the prince were interpreted by some investors as a signal that OPEC+ could consider further output cuts.On Wednesday, Russian President Vladimir Putin said oil prices were approaching “economically justified” levels, indicating there could be no immediate change to the group’s production policy.
“I don’t think that there will be any new steps, because just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries due to the fact that we saw the slow pace of global economic recovery,” Novak was quoted as saying by Izvestia newspaper.
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