VIENNA, Mar 10 (PRIME) -- OPEC has scheduled a meeting for June but can change the date if Russia backtracks on the decision on the OPEC plus nonmember oil production cut agreement, Energy Minister of the United Arab Emirates Suhail Al Mazroui told reporters on March 6.
“The next meeting is in June but if Russia changes its mind, we can meet anytime,” the official said.
Earlier on March 6, the sides of the agreement failed to settle the terms of prolongation and the deal will end on April 1.
In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.
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