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Oil Traders Are Tracking OPEC's Meeting on June 22

Source: www.gulfoilandgas.com 6/20/2018, Location: Europe

The Organization of the Petroleum Exporting Countries (OPEC) meets on 22 June 2018 to decide output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.

OPEC's de facto leader, Saudi Arabia, and non-member Russia have proposed gradually relaxing production cuts - in place since the start of 2017 - while OPEC members Iran, Iraq, Venezuela and Algeria have opposed such a move.

Now, Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran.

The organization's economic commission met on 18 June to review the market outlook and forecast strong global demand for oil during the rest of 2018. Some countries including Algeria, Iran and Venezuela said at the meeting that they still opposed an output increase.

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