Investing.com -- The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information.
The upcoming meeting has the potential to influence oil prices in the forthcoming weeks. A majority of traders surveyed by Bloomberg expect another supply increase from the cartel.
In a surprising move last month, the alliance, led by Saudi Arabia and Russia, advocated for OPEC+ to restore 411,000 barrels per day in May. Delegates reported that this decision was aimed at disciplining over-producing members Kazakhstan and Iraq by causing a drop in prices.
Related articles
OPEC+ moves up video conference to discuss June oil production - Bloomberg
Gold set to glitter again as dollar fightback to fade, fed rate cuts incoming: UBS
U.S. oil futures slip despite API reporting large drop in weekly crude stocks
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.