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
See Also:
- Here are your favorite TV shows that are coming back for another season
- Trump reportedly threw Starbursts on a table before Germany’s Angela Merkel at the G7 summit and said, ‘Don’t say I never give you anything’
- What marijuana really does to your body and brain
SEE ALSO: Oil slides as OPEC closes in on a production increase
