OPEC meeting may take place in the first week of July

A meeting of representatives of member states of the Organization of Petroleum Exporting Countries (OPEC) can take place in early July. This was announced on Sunday by the Minister of Energy, Industry and Mineral Resources of Saudi Arabia, Khaled al-Faleh, on the margins of the meeting of G20 ministers of energy and ecology in Japan, reports TASS, citing Reuters.

Responding to a question about the upcoming OPEC meeting, al-Faleh said that it "would most likely be held in the first week of July" in Vienna. The Saudi minister expressed the hope that at this meeting "countries will be able to reach a consensus to extend the agreement on reducing oil production."

Earlier, al-Faleh stated that OPEC is close to concluding such an agreement, although, as the Saudi minister assured, negotiations with countries outside the oil cartel but participating in the agreement were also needed.

OPEC countries have been discussing production policies for the second half of April, but due to uncertainties and geopolitical factors, agreement on production levels has not yet been reached.

The deal to reduce production by 1.2 million barrels per day was concluded in December 2018 and ends on June 30.

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