MOSCOW (Pakistan Point News / Sputnik - 02nd June, 2020) The OPEC Economic Commission Board, which operates under the Secretariat of the cartel, will start its two-day consultations on Tuesday and will likely review scenarios for next week's OPEC and OPEC+ meetings.
The economic panel analyzes the current state of affairs in economy and energy, coming up with recommendations on the volume of output cuts, implemented by the OPEC and non-OPEC members. This time, the meeting will be held in video format due to the COVID-19 pandemic lockdown.
Under the April agreements, the OPEC+ countries have slashed their output by 9.7 million barrels per day (mbd) starting on May 1. The OPEC Economic board is expected to recommend whether the sides should adhere to the agreed 7.7 mbd reduction, which starts on July 1 and will be effective until December 31. The recommendations would then be considered by the OPEC and non-OPEC members at the meetings from June 9-10, unless the talks are moved to an earlier date.