OPEC, non-OPEC agree on holding next meeting on July 1-2

June 19, 2019

TEHRAN - The Organization of the Petroleum Exporting Countries announced on its website that the organization has agreed to move its next meeting to July 1, followed by a meeting with non-OPEC allies on July 2.

The 176th OPEC meeting was originally scheduled for June 25-26, however non-OPEC allay Russia proposed to postpone the meeting.

Iran opposed the decision for delaying the oil producer group's next meeting however, earlier this week Iranian Oil Minister Bijan Namdar Zanganeh agreed with rescheduling the upcoming OPEC meeting only if it is set to be on July 10-12.

Zanganeh made the remarks in a meeting with the Russian Energy Minister Alexander Novak in Tehran on Monday.

He stated his busy work schedule as the reason for his refusal.

“I have no problem with postponing the meeting to July 10-12 and I will participate in the event,” he said.

In the meeting with Novak, Zanganeh noted that Russia is not the decision maker and the OPEC will make the final decision.

OPEC and its allies, a grouping known as OPEC+, agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.

EF/MA

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