HomeEconomyOilOPEC+ will discuss the situation of the crude oil market on June 1

OPEC+ will discuss the situation of the crude oil market on June 1

Russia and Saudi Arabia have voluntarily cut oil production by a total of 2,2 million barrels per day to balance the market

The member countries of the OPEC+ agreement will discuss the current situation on the world oil market at a ministerial meeting that will take place on June 1, Russian Deputy Prime Minister Aleksánder Nóvak told the press, reports Tass.

“We will have a meeting on the first day. In these types of meetings we discuss the current situation: of the ministries, of the JMMC (acronym in English for the Joint Ministerial Monitoring Committee – TASS reference),” indicated the senior official.

At the same time, Nóvak declined to comment on whether some of the organization's countries are considering reducing voluntary oil production cuts.

Since the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, have voluntarily cut oil production by a total of 2,2 million barrels per day to balance the market. Initially, the measure was going to be effective only during the first quarter, but at the beginning of March the countries of the organization extended it for the second quarter.

Additionally, several OPEC+ countries, including Russia and Saudi Arabia, are voluntarily cutting oil production by a total of 1,66 million barrels per day from spring 2023 to the end of 2024.

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