15th OPEC+ Meeting Kicks Off

Tehran (IP)- The 15th meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a grouping called OPEC+, began a few minutes ago via video conference.

Iran Press/Iran News: 23 OPEC Plus oil producers at today's meeting (Thursday, April 1) is scheduled to discuss the group’s output in the following months behind closed doors.

Saudi Energy Minister Abdulaziz bin Salman, Russian Deputy Prime Minister Alexander Novak, and OPEC Chairman and Minister of Mineral Resources and Petroleum of Angola Diamantino Pedro Azevedo are the first speakers of the opening ceremony.

Crude prices rose on Thursday, recouping some of the previous session's losses as hopes grew that OPEC and its allies later on Thursday would decide to keep curtailing production in place in the face of resurgent COVID-19 infections in some regions.

On Wednesday, the Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, made no formal recommendation, three OPEC+ sources said.

OPEC+ is currently curbing output by just over 7 million BPD to support prices and reduce oversupply. Saudi Arabia has added to those cuts with a further 1 million BPD.

The cuts came after the novel coronavirus outbreak turned into the biggest global health crisis in a century and led to the evisceration of demand for oil and fuel.

Recovery has been intermittent as outbreak after outbreak of coronavirus infections leads to more lockdown measures.


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