OPEC+ may abandon further production cuts

According to two sources at OPEC+, the meeting of OPEC+ countries, including Russia, which will take place this Sunday, June 4, is likely not to lead to an additional reduction in oil production, despite the price reduction, Reuters reported. However, a decision on the matter remains unknown for now, according to a third source cited by the agency.

OPEC+ ministers will meet in Vienna on Sunday at 14:00 local time. Preliminarily, the ministers will also hold a meeting on Saturday, June 3.

Earlier, Saudi Energy Minister Prince Abdulaziz bin Salman warned speculators in the oil market, who play for price cuts, to beware ahead of the upcoming OPEC + meeting. He recalled that in April, when OPEC + unexpectedly announced a production cut, speculators were already dissatisfied, and warned that the situation could repeat itself.

At the same time, Russian Deputy Prime Minister Alexander Novak said in May that OPEC+ would assess the decline in oil prices and noted that such a decline could be temporary, according to Forbes magazine.