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opec meeting 4 june

Please contact the Client Services team. If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password. London — Just as OPEC and its allies have resolved a standoff with Iraq, Mexico has reemerged as another potential glitch in talks over the coalition's landmark production cut accord.

Energy secretary Rocio Nahle will be participating in the meeting by phone, stating Mexico's position, the president added. Those cuts are scheduled to roll back to 7. OPEC kingpin Saudi Arabia and Russia -- the largest non-OPEC participant, have aligned behind a one-month extension, according to sources involved in the talks -- as they try to thread the needle between supporting the oil market's fragile rebound and sending prices up too quickly by overtightening the market.

One OPEC source brushed aside Mexico's stance, saying that since Mexico is "barely a net exporter" of crude, its lack of participation in the deal may be moot. OPEC's second largest producer has frequently pumped above its agreed cap and came under heavy pressure by fellow members to improve its performance. Saudi Arabia and Russia, in particular, had pushed for Iraq -- as well as other quota busters, including Nigeria, Angola and Kazakhstan -- to compensate for their overproduction by implementing deeper cuts in the months ahead, according to sources involved in the talks.

While the other countries had readily came on board, Iraq resisted until June 5, the sources said. No details of what the countries have agreed to do have been made available, but in a statement, Iraqi oil ministry spokesman Assem Jihad said that Iraq understood the importance of complying with the deal.

Under the current agreement, Iraq has an output cap of 3. But the oil ministry reported June 1 that the country's May exports averaged 3.

opec meeting 4 june

In his statement, Jihad attributed Iraq's overproduction to its need for oil revenues to rebuild the country, as well as a recent transition to a new government under Prime Minister Mistafa al-Kadhimi, who took office in May. If approved by parliament, which is expected to convene on June 6 to consider the nomination and other appointments, Ismaael would replace finance minister Ali Allawi, who has been serving as interim oil minister.

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Oil rises nearly 4% ahead of OPEC+ meeting, easing lockdowns

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Access latest petrochemicals news and analysis, conferences and events.Some of the world's most powerful oil producers had been expected to convene on Thursday, with energy market participants closely monitoring whether the influential group will officially agree to extend their deepest ever round of output cuts. However, the date of a virtual meeting to finalize an agreement was still unclear on Thursday afternoon.

Late last month, Algeria, which currently holds the rotating OPEC presidency, proposed this meeting should be brought forward to Thursday. The contract also climbed to its highest level since early March on Wednesday.

Oil prices have marched higher in recent weeks, recovering from a dramatic fall in April which saw Brent futures hover close to year lows and WTI tumble into negative territory for the first time in history. It comes amid optimism about an economic recovery in China, the world's second-largest economy, and as other countries across the globe seek to gradually lift coronavirus lockdown measures.

So it is important that OPEC continues to exhibit a degree of cohesion. The move was designed to prop up prices as the coronavirus pandemic led to an unprecedented collapse in oil demand. The production cuts began on May 1 and are set to run through to the end of June. Under the current deal, the cuts will then be tapered back to 7. Saudi Arabia and Russia's reported plan would see the 9. Karen Kostanian, an oil and gas analyst at Bank of America Global Research, described Saudi Arabia and Russia as the "central banks of oil" at present, saying oil prices cannot be supported in the absence of a "coherent" agreement between them.

But, I think that Russia and Saudi Arabia will stick to the baseline agreement beyond that," he added. Skip Navigation. Markets Pre-Markets U. Key Points. VIDEO Wouldn't bet against U. Squawk Box Europe. Russia and Saudi Arabia 'basically the central banks of oil,' analyst says. Street Signs Europe.Platts Commodities Bulletin is a daily regional round-up of the top, most recent news, in-depth features, information on our events, and a summary of what's new on platts.

New and Discontinued Price Symbol Alerts are issued when we launch new assessments and announce discontinued assessments. The Holiday Schedule Alert is sent on Friday and provides information on the world's regional and national holidays impacting the publishing of our assessments, market reports and news wires over the week ahead.

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If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password. But nominations for term volumes by Saudi Arabia and other key OPEC members are typically announced by the first week of the preceding month. OPEC, Russia and nine other allies are concluding the first month of their historic accord, which calls for 9.

But with the outlook for the oil market still uncertain as the COVID pandemic continues to weigh on the global economy, some members are suggesting that the 9. However, Russia, the key non-OPEC partner, has said it sees a balanced market by June or July, indicating potential reluctance to continue reining in output to that extent, though President Vladimir Putin earlier in the week held talks with Saudi Crown Prince Mohammed bin Salman and pledged "close coordination" between their respective energy ministers.

Since hitting a year low in April, Dated Brent has more than doubled in value, as major consuming nations begin to ease lockdowns and producers reduce supplies. He added that he had already discussed the idea with several ministers. The JMMC is tasked with assessing market conditions and reviewing compliance with production quotas.

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Full OPEC Meeting Schedule for 2021

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Oil rises on hopes of OPEC cut: A wrap of Nigerian markets

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Access latest gas news and analysis, conferences and events.Nominations is what Saudi Arabia, Iraq, and Kuwait call their export allocations to long-term clients, which are based on oil demand, Reuters explains, adding they normally take place on the tenth of every month. Of course, nothing is certain and will not be certain until the meeting starts as some Russian oil companies, notably Rosneft, are finding it hard to maintain the current production cuts.

There is talk, however, that the cuts may be extended by another month or two. Then, from Januarythe production cuts would be further eased to 5.

OPEC+ Could Hold Its Next Meeting This Week

The actual cuts in may were only 5. By Irina Slav for Oilprice. This website uses cookies. Read RT Privacy policy to find out more. Where to watch.

opec meeting 4 june

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RT News App. All rights reserved. Accept cookies.Algeria's energy minister, Mohamed Arkabsaid in the letter that he had held discussions with "some ministers" about bringing forward the dates, which would help "facilitate nominations". The term "nominations" is used by OPEC's de facto leader Saudi Arabia as well as Iraq and Kuwait to allocate crude to traditional buyers depending on demand.

The nominations take place around the 10th of every month. Sources have told Reuters that Saudi Arabia is proposing to extend record cuts from May and June until the end of the year but it has yet to win support from Russiawhich believes curbs could be gradually eased. Arkab said in his letter the low compliance rates "may have an adverse impact as soon as markets are open on Monday". It is very constructive if positive messages could be shared by all with regards to the commitments made," the letter said.

Star batsman Chris Gayle will return to play for West Indies for the first time in two years while pacer Fidel Edwards has been included in the squad after nine years. Edwards, who last played an international game inand Gayle were n The session will continue till March 23 and the budget will be presented on March 3. The Opposition in the state blamed that Australian helmsman Jimmy Spithill cannot wait for another crack at winning the Americas Cup next week and a chance to put into action the lessons learned when he led Oracle Team USA to a crushing defeat in the edition of the event.

An explosion struck an Israeli-owned cargo ship sailing out of the Middle East on Friday, an unexplained blast renewing concerns about ship security in the region amid escalating tensions between the US and Iran. The crew and vessel were saf Email: info devdiscourse. Algeria's energy minister, Mohamed Arkab, said in the letter that he had held discussions with "some ministers" about bringing forward the dates, which would help "facilitate nominations".

Why unequal access to coronavirus vaccines is a threat to us all Jharkhand budget to be presented on March 3 The Budget session of the Jharkhand assembly started on Friday with an inaugural address by Governor Draupadi Murmu.

Sailing-Spithill takes learnings into America's Cup challenge Australian helmsman Jimmy Spithill cannot wait for another crack at winning the Americas Cup next week and a chance to put into action the lessons learned when he led Oracle Team USA to a crushing defeat in the edition of the event.

Explosion strikes Israeli-owned ship in Mideast amid tension An explosion struck an Israeli-owned cargo ship sailing out of the Middle East on Friday, an unexplained blast renewing concerns about ship security in the region amid escalating tensions between the US and Iran. Give Feedback.Crude-oil prices finished higher on Thursday after major producers at an OPEC-led meeting of the Joint Ministerial Monitoring Committee, or JMMC, stressed the importance of full compliance with pledged production cuts and made moves to ensure that certain countries make up for failing to fully meet their reduction targets last month.

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The JMMC, which monitors compliance with OPEC output quotas, held its gathering via video-conference Thursday, with technical difficulties preventing a livestream of the meeting.

Meanwhile, energy demand remains in question as several U. The U. They also showed supply declines of 1. Inflation fears, an inactive Federal Reserve and forced selling are cited as some of the forces accelerating the bond yield surge this week.

Myra P. Saefong, assistant global markets editor, has covered the commodities sector for MarketWatch for 20 years. She has spent the bulk of her years at the company writing the daily Futures Movers and Metals Stocks columns and has been writing the weekly Commodities Corner column since Mark DeCambre is MarketWatch's markets editor.

He is based in New York. Follow him on Twitter mdecambre. Economic Calendar. Retirement Planner. Sign Up Log In. Home Markets U. ET By Myra P. Saefong and. Mark DeCambre.

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