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June 4, 2020, 4:48 p.m. EDT

OPEC+ tentatively plans meeting for this weekend: report

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By Myra P. Saefong

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, tentatively plan to hold a meeting via videoconference on Saturday or Sunday, Reuters reported late Thursday afternoon . OPEC member Saudi Arabia and non-member Russia agreed Wednesday to extend current OPEC+ supply cuts of 9.7 million barrels per day through July, but negotiations toward an official deal have been held up as the two countries point out that other OPEC+ members have failed to comply with their pledged reductions, according to The Wall Street Journal . Meanwhile, media organization Argus , citing OPEC delegates, reported that the Joint OPEC-Non-OPEC Technical Committee, which advises OPEC+ and offers recommendations on production adjustments, will meet on June 17, while the Joint Ministerial Monitoring Committee, which monitors compliance with OPEC+ production cuts, may meet on June 18. July West Texas Intermediate crude rose 12 cents, or 0.3% to settle at $37.41 a barrel Thursday.

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