The meeting, initially scheduled for Tuesday 9 and Wednesday 10, has generated numerous doubts in the last few days.
The first rumors about it spoke of a possible anticipation of the summit on Thursday 4 June, while things got worse later and some came to theorize the definitive cancellation of the same. All with obvious repercussions on the oil price.
Now, according to Russian energy minister Alexander Novak, the OPEC + meeting will be held tomorrow, Saturday 6.
Oil price and OPEC + meeting: extension cuts coming soon?
Quoting a few Cartel delegates aware of the matter, Bloomberg reported that the meeting of the producing countries will start tomorrow, Saturday 6 June.
The first rumors in this regard, they started circulating in the morning today but did not trigger any rally on the price of oil, which however continued to travel well set.
Then, after a few hours, the time arrived confirmations of Russia and while WTI’s share price advanced to $ 38, Brent’s share price strengthened beyond $ 40.
As many observers have predicted by now, the OPEC + meeting in June could give birth an extension of the maxi cuts agreed in April to curb the market crash and reduce the offer in circulation.
The price of oil, which in recent days has already reacted positively to the idea of anticipating the summit, will continue to be monitored carefully in the coming hours. At the time of writing, both prices are rising by more than 1%.