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OPEC discusses the postponement of the Annual General Meeting on 11-12 July



Just a week before OPEC and its allies meet in Vienna to discuss the fate of the production cutback agreement, which expires in less than two weeks, participants are still discussing when to hold the crucial talks. OPEC discusses a delay proposal At the meeting on July 11 and 12, S & P Global Platts reported on Tuesday citing two sources.

While OPEC and Russia were busy reassuring markets that they were working towards a solution to balance the oil market, reports appeared in recent weeks in which the parties can not even agree on whether they should hold the meeting as planned on 25./26. June or to postpone it in July.

Russia has reportedly requested a delay in the June meeting in early July for it to take place after the G20 summit in late June, while Iran, which is in conflict with the Gulf Arabs of OPEC, has joined the cartel Saudi Arabia reiterated its hope on Sunday that the cartel will reach an agreement on extending the cuts in the second half of the year at a meeting scheduled to take place in the first week of July, reports said it would not agree to a postponement of the main meeting will achieve.

Related: OPEC Goes For $ 60- $ 70 Oil

The last rumored date ̵

1; July 11th and 12th – would be a week later than hinted at by the Saudis two days ago, but it would be alright for Iran, whose oil minister Bijan Zangeneh said on Monday that the Islamic Republic "would only confirm a postponement of the OPEC meeting if it was on the 10th, 11th or 12th July would take place from the original June 25th. "

Zangeneh does not want the date to be changed to July 3-4. Russia had allegedly originally requested it because of scheduling conflicts.

According to an OPEC delegate speaking to Bloomberg, the cartel proposed to its members the dates for 10-12 July and waited for their answers.

Based on comments The OPEC + Group will not decide on production cuts until the end of June, following reports from various OPEC and non-OPEC officials and ministers.

By Tsvetana Paraskova for Oilprice. com

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