Oil prices rallied ahead of and during the monthly meeting of OPEC+ early on Tuesday after the alliance’s Joint Ministerial Monitoring Committee (JMMC) signaled there would be no changes in the plans to boost July oil production
In 2021, oil demand will grow by six mln barrels daily
MOSCOW, June 1. /TASS/. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has started its videoconference meeting, a delegate told TASS. Ministers will discuss oil market development scenarios for the period until the end of this year and can make a recommendation on the production level for participating countries on the consensus basis. The meeting has started, the delegate said. Ministers will hold two meetings. During the first one, JMMC consisting of eight countries, will assess the oil market situation, summarize the performance of the oil production limiting deal in April, and can give a recommendation on actions on the oil market. Ministers are to confirm the plan to scale up oil production by 2.1 mln barrels daily in May-July, adopted as early as in April. The meeting will be followed by the OPEC+ meeting in full, where they can decide whether April decision parameters require changes or can remain effective.
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LONDON OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, five OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
The Organization of the Petroleum Exporting Countries and allies – known collectively as OPEC+ – decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July as it anticipated demand would rise despite high numbers of coronavirus cases in India.
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Caracas, Jun 1 (Prensa Latina) The sectorial vice president for the Economy, Tareck El Aissami, noted on Tuesday that Venezuela will continue to support the adjustments implemented by the Organization of Petroleum Exporting Countries (OPEC).