OPEC+ has delayed its June meeting, and switched it to online (from Vienna)

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is known as OPEC+. The group made the announcement on Friday:

• pushed back its output policy meeting to June 2, from June 1
• will convene online instead of in Vienna

The current state of play with OPEC+ is:

• voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut
• curbs are in addition to earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022
• an extension is expected

This article was written by Eamonn Sheridan at www.forexlive.com.