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2020-06-01

Algeria proposes that the OPEC+ meeting be brought forward by letter to 4 June

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According to a letter from Algeria to the OPEC, President of the OPEC Algeria proposed to present a next meeting of the OPEC+ petroleum producing group and their associates to the 4th of June from a previous plan for holding it on 9-10 June.

In the letter, Algeria's Energy Minister, Mohamed Arkab, said that he had discussions with "some ministers" to advance dates that would "facilitate appointments."

The term "call" is used to allocate raw material to conventional buyers, based on demand, by de facto OPEC leader Saudi Arabia as well as Iraq and Kuwait. Appointments are made on the 10th of each month.

OPEC+ decided to cut its output by 9.7 million barrels per day (10%) in April to lift demand-stricken prices due to lockdown actions to prevent coronavirus spread.

A decrease in output from non-member countries such as the United States and Canada combined with a registry of decline in OPEC+ production has been able to lift oil prices to 35 $per barrel, but only at half the year's level.

In his letter, Arkab stated that the low compliance rates 'may have a negative impact once markets are open on Monday.'

"It is praised that certain highly regarded ministers have taken the initiative to correct these figures. It is highly constructive if everyone can share positive messages about the commitments made, "said the letter.

Article Edited by | Jhon H |

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