OPEC is gearing up to hike oil production during what could be a ‘contentious’ meeting

AP/Karim Kadim

In efforts to tackle a global oil glut, OPEC and other supply-cutting nations have been coordinating output levels. After a months-long crude rally, the cartel is meeting this week to discuss increasing supply. Here’s what you need to know.

When are the meetings?

• Friday, June 22: Current members of OPEC — Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela — are scheduled to meet at 4 a.m. ET. A press conference is set to follow at 7 a.m. ET.
• Saturday, June 23: OPEC and other countries that have agreed to coordinate supply cuts, also known as OPEC+, are slated for a 4 a.m. ET meeting, followed by a 5 a.m. ET press conference. 

How has compliance been so far?

OPEC+ as a whole has largely followed the supply-cutting agreement, with current output about 1.5 million barrels per day below September 2016 levels. HSBC analysts estimate compliance as high as 170% in April, or 850,000 barrels a day below the baseline. 

See the rest of the story at Business Insider

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