OPEC+ Called for an Emergency Meeting

OPEC+ Called for an Emergency Meeting OPEC+ called for an emergency meeting. Saudi Arabia and Russia requested an urgent meeting with some OPEC + countries this weekend, just ahead of the decision to postpone the target production increase in January. The clear majority of OPEC + followers expect the group to keep supply shortages caused by demand uncertainty at levels that persist for several more months. “The technical ground is ready for delaying OPEC +'s rollback of production cuts. Now the political ground needs to be established,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. Russian Deputy Prime Minister Alexander Novak and Saudi Arabia's Energy Minister Abdulaziz bin Salman announced that they would like to hold video conferences with countries in the Joint Ministerial Monitoring Committee (JMMC). According to the letter Bloomberg saw, the group includes Iraq, Algeria, Kazakhstan, Nigeria and UAE. The last-minute meeting call was delayed from Saturday to Sunday, according to information from an OPEC delegate. A full-scale OPEC ministerial meeting will take place on November 30, the day after the meeting. Later, on December 1st, OPEC + members will meet. JMMC, which met on November 17, did not make any suggestions to delay the increase in production in January. OPEC decided to cut widespread production restrictions to offset the historic decline in oil prices during the coronavirus outbreak. In anticipation of a global recovery, the group aimed to reclaim some of the cuts that cut 1.9 million barrels per day from production at the beginning of 2021.