The OPEC and OPEC Plus oil ministers' meeting, scheduled for June 9 and 10, will be held virtually on Saturday (June 6) at 2 and 4 p.m., Vienna time, respectively.

Iran Press/Europe: According to the IRIB news agency, the upcoming meeting is to extend the OPEC Plus agreement for months to come. Oil market experts believe that if OPEC members reach an agreement to extend production cuts, oil prices could be expected to rise above $ 40 a barrel.

However, the rise in oil prices, in addition to extending production cuts depends on other factors such as improving demand, solving the corona problem, and rising oil and petrochemical prices, returns, and as long as these risks exist in the market, we cannot expect a black gold price jump.

At the 12th Session of the OPEC Plus Group, including members of OPEC and its allies, which was held on April 12, special decisions were made to reduce oil production in several stages to April 30, 2022, with the aim of balancing the oil market. and prices that were heavily affected by the coronavirus were adopted.

In the first step, OPEC Plus member states agreed to reduce their daily production by 9.7 million barrels per day from May 1 to the end of June (two months).

The decision has so far had a relative effect on rising oil prices, with OPEC basket oil prices reaching $ 34.84 a barrel on Thursday.

On the one hand, the wheels of the world economy are almost stagnant due to the outbreak of the Coronavirus, and on the other hand, the recent oil war between the two major players, Russia and Saudi Arabia, has left the markets with an unprecedented surplus of oil.


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