Global Oil Prices to Be Considered at OPEC+ Meeting
The OPEC+ Joint Ministerial Monitoring Committee meeting is scheduled to be held today. The meeting, to be held via teleconference, is expected to discuss compliance of member nations’ agreed-upon output cuts due to weak crude oil prices. OPEC+ includes members of OPEC and key allies, such as Russia. In today’s meeting, it is likely that nations not completely in line with cutting production, such as Iraq, Nigeria and the UAE, will come under further pressure to do so. Since January 2017, OPEC+ producers have been reducing production to support prices and reduce global oil stockpiles. Demand for oil has plunged even further due to the coronavirus’ effects on transportation and shipping. This week also marks the 60th anniversary of OPEC’s founding in Baghdad in 1960. OPEC’s founding members included Venezuela, Kuwait, Iran, Saudi Arabia and Iraq. Today the global oil industry group numbers 13 countries.