OPEC+ Meeting On Oil Output Cuts Deal To Be Held On June 6 - Source

MOSCOW (Pakistan Point News / Sputnik - 05th June, 2020) An OPEC+ meeting on the deal on oil output cuts will take place on June 6, a source from one of the delegations to the group told Sputnik on Friday.

"The meeting will be held tomorrow [on June 6], it is practically official," the source said.

At the same time, the source noted that official invitations to the meeting had not been sent yet to the delegations.

Amid the dramatic drop in oil prices and falling demand over the COVID-19 pandemic, the alliance reached the oil production cut deal on April 12 in a bid to stabilize the oil market. The deal envisages a reduction in oil production by the OPEC+ group by 9.7 million barrels per day in May and June, 7.7 million barrels in the second half of the year, and 5.8 million barrels through April 2022.

The alliance was expected to meet on June 9-10 to discuss the situation on the market, but then OPEC+ began discussing the possibility of meeting on June 4. On Wednesday, reports emerged that the meeting might not be held until issues with some states breaking quotas has been resolved.