Ministers of the OPEC+ member countries will have a videoconference meeting on Wednesday to discuss the current state of affairs on the global oil market, forecasts and possible oil production adjustments.
The OPEC+ Ministerial Meetings are held twice a year. The previous talks took place on December 5. After that, the OPEC+ group convened only in the format of the ministerial monitoring committee (once every two months). Also, the eight nations voluntarily reducing oil production convene every month since March.
Normally, the monitoring committee of the alliance, which outlines further reductions or increases in oil production, convenes on the same day. Both meetings are expected to begin at 4:00 p.m. Moscow time (1:00 p.m. GMT).
Eight OPEC+ countries that assumed an obligation earlier on voluntary oil production cuts had an online meeting on April 3. The decision was made in conclusion of the meeting to expedite the increase of oil production to 411,000 barrels per day in May and June.
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