July 01, (THEWILL) – Members of the Organisation of Petroleum Producing and Exporting Countries (OPEC) meet Thursday (July 1), by videoconference.
The meeting, THEWILL gathered, is to review developments in the oil market for the month of June and also plan perspectives for August.
The OPEC+ group of oil producers will also meet to decide on a further easing of output cuts next month and could also consider extending its overall supply pact beyond April 2022.
The 181st session of the Cartel will be chaired by the Angolan minister of Mineral Resources, Oil and Gas, Diamantino Pedro Azevedo, who also presides the organisation.
The meeting will review and approve various topics, with stress to the Minutes of the 180th Conference Meeting.
Participants will also focus on 2020 Financial Report, the 2020 Auditor’s Report, the reports of the Secretary General, the chairman of the JMMC (Joint Ministerial Monitoring Committee) and the appointment of Auditors Externals for 2021.
On the same day, the 18th Ministerial Meeting of OPEC and its Non-OPEC partners will take place, also via webinar, where the President of the organisation and Prince Abdulaziz Salman, Minister of Energy of Saudi Arabia, will intervene.
These sessions will be preceded by the 31st Ordinary Meeting of the Ministerial Committee for Monitoring the Declaration of Cooperation between OPEC and NON-OPEC (JMMC), on June 30 to analyse the current oil market and the proposal of production levels for the month of August.
Meanwhile, oil prices rose on Thursday, supported by lower U.S. inventories and the prospect of strengthening demand.
Brent crude gained 94 cents, or 1.3%, to $75.56 a barrel by 0910 GMT. U.S. West Texas Intermediate crude was up 93 cents, or 1.3%, at $74.40.
WTI rose more than 10% in June while Brent added more than 8%, touching their highest levels since October 2018.
Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.