18th Ministerial Meeting of OPEC+ Has Been Postponed

18th Ministerial Meeting of OPEC+ was rescheduled. The new date has been set as July 5.

18th Ministerial Meeting of the OPEC+ group has been postponed to July 5, as the production policy could not be agreed upon during the two-day talks. The energy and oil ministers of the 13-member OPEC led by Saudi Arabia and the 10 non-OPEC oil producer countries led by Russia met via video conference method on Saturday to evaluate the market conditions and discuss the production policy to be implemented as of August, but no decision could be reached at the meeting. In the statement made by OPEC, it was informed that the group will meet again on July 5 for the 18th Ministerial Meeting. At its 15th Ministerial Meeting on April 1, the group had decided to gradually increase daily oil production for May, June and July. Saudi Arabia, on the other hand, announced that it would gradually end the additional cut of 1 million barrels per day, which it announced in February and implemented voluntarily. On the other hand, after the news of the postponement of the OPEC+ meeting was announced, the price of Brent crude oil rose 0.40 percent compared to the closing on Friday, reaching $ 76.15. The barrel price of West Texas type (WTI) crude oil decreased by 0.13 percent to $ 75.13.