OPEC+ to meet virtually on June 2

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, has pushed back its output policy meeting by a day to June 2.

The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday.

OPEC+ oil producers are making voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut.

The curbs are on top of earlier reductions announced in various steps since late 2022 and bring total pledged cuts to about 5.86 million bpd, equal to about 5.7 percent of daily world demand, Reuters calculations show.