OPEC+ to meet virtually on June 2 for output rates

OPEC+ coalition will hold a virtual ministerial meeting on June 2 to discuss production rates in the second half of this year, said the Organization of the Petroleum Exporting Countries (OPEC) on Friday. The meeting was planned to be held in person, the OPEC said in a statement, giving no reasons for holding it virtually. OPEC oil ministers will also hold the meeting of the 54th Joint Ministerial Market Monitoring Committee on the same day, it stated. The two gatherings will discuss the rates of output in the second half of this year and whether there is a need for reforms, it noted. In its latest report issued on May 14, OPEC said that demand for crudes of the OPEC+ alliance would remain unchanged to stand at about 43.2 million barrels per day for 2024, an increase of 900,000 barrels per day compared with 2023 levels. In 2025, the report expected that demand for OPEC+ crude would hit 44 million bpd, a rise of 800,000 barrels compared with 2024, it revealed. OPEC crude basket price rose by USD 4.90 per b arrel, or 5.8 percent, to reach USD 89.12 per barrel. Source: Kuwait News Agency