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situation report

Jun 19, 2019 | 15:27 GMT

2 mins read

OPEC: Oil-Producing Blocs To Meet in July After Long Delay

What Happened: Members of OPEC and other oil-producing nations have announced plans to meet on July 1-2 for their latest review of cuts to global oil production, Bloomberg reported June 19.

Why It Matters: In spite of U.S. sanctions on Iran and recent attacks on oil tankers near the Persian Gulf, prices for energy have remained low amid fears of a global recession, questions about the White House's plans to launch new trade wars, and weak oil and gas demand. But by holding the meeting in early July, the two groups of producers — known as OPEC+ — can at least chart a clearer path forward as they can take action based on the outcome of U.S.-Chinese meetings at the G-20 on June 28-29.

Background: OPEC+ has long delayed its planned meeting due to disagreements about the best response to current market conditions. Saudi Arabia is expected to call for longer and deeper cuts, while Russia favors more modest action on oil production cuts.

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