Opec’s revised oil output policy will not be decided in April, sources say
The production policy is expected to be agreed on in June with an extension of the pact the likely scenario, but much depends on the extent of US sanctions on Venezuela and Iran
Dubai/London — Opec and its partners are unlikely to decide on their output policy in April as it would be too early to get a clear picture of the effect of their supply cuts on the market by then, three Opec sources said on Monday. The sources said the production policy by the so-called Opec+ alliance is expected to be agreed on in June with an extension of the pact the likely scenario so far, but much depends on the extent of US sanctions on Opec members Iran and Venezuela. "So far the likely decision is to extend the agreement in June. Nothing much is planned for April, just to discuss the Opec and nonOpec [co-operation pact]," one Opec source said. The oil cartel and its allies meet next in Vienna from April 17-18. Another Opec source said the most likely outcome of the June meeting was "a rollover" of the current oil supply cuts. "But production by the exempt countries is already more than 700,000 barrels per day (bpd) below the October level. Maybe there will be some adjustmen...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.