OPEC+ to hold key policy meeting on 2 June

The front-month ICE Brent futures gained $0.76/bbl to settle at $82.12/bbl on Friday, after OPEC announced the date for its highly anticipated policy meeting.  

PHOTO: Flag of OPEC. Getty Images

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will hold its Joint Ministerial Monitoring Committee (JMMC) meeting on 2 June to discuss output policies and whether to extend supply cuts beyond June via a video conference, it said.

The meeting is expected to be “smooth”, delegates from the coalition told Amena Bakr, a senior research analyst at Energy Intelligence.

Oil market analysts expect the Vienna-headquartered group to roll over the ongoing 2.2 million b/d supply cuts into the third and fourth quarters of this year.

By Aparupa Mazumder 

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