Hopes were raised in the oil industry Monday on the resolution of a month-long impasse on OPEC’s next policy meeting with the scheduled meeting of Iran’s and Russian’s oil ministers.
The Organisation of Petroleum Exporting Countries and partners, including Russia, an alliance known as OPEC+, have been considering since last month moving the date of their policy meeting in Vienna
to July 3-4 from June 25 to June 26.Russia’s Alexander Novak favours postponing the meeting to early July to avoid clashing with G20 discussions in Japan in late June, while the Iranian minister, Bijan Zanganeh, wants to keep the original schedule, sources have said.
The two are scheduled to meet at 5 p.m. Tehran time (1230 GMT), one of the sources said.“Hopefully this meeting will break the impasse,” the source said. OPEC and its allies have been reducing oil output by 1.2 million barrels per day since Jan. 1 to support the market. The meeting is to decide whether to extend or adjust the pact.
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