OPEC+ to hold June 2 crude oil output policy meeting online

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.

The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday.

OPEC+ oil producers are making 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.

The curbs are on top of earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022.

That brings total pledged cuts to 5.86 million bpd, equal to about 5.7 per cent of daily world demand, Reuters calculations show.

Sources from countries that have made voluntary supply cuts told Reuters this month that an extension was likely.

Oil production supply cuts

The OPEC+ supply cuts since late 2022 have been against a backdrop of rising output from the US and other non-member producers while worries over demand have remained in focus as major economies grapple with high interest rates.

Brent crude was down about 0.3 per cent on Friday at $81.14 a barrell, its weakest since February.

The benchmark reached a 2024 peak of $91.17 early last month.

Read: Goldman Sachs expects oil demand to keep growing until 2034