On June 2, the Organization of the Petroleum Exporting Countries (OPEC) together with its allies, including Russia, will opt for a virtual meeting instead of its traditional face-to-face meeting in Vienna. This meeting (originally scheduled for one day earlier) has been postponed and will be adapted to digital format due to unspecified reasons.
In addition, this meeting will include the 188th OPEC Conference Meeting, the 54th Joint Ministerial Follow-up Committee (JMMC) Meeting and the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). This change in the agenda and format was confirmed by the organization today.
Regarding the last-minute adjustments, unnamed sources cited by Bloomberg suggest that these modifications have been under consideration for weeks. These changes could be related to circumstances such as the health of King Salman Bin Abdulaziz of Saudi Arabia and the recent death of Iranian President Ebrahim Raisi.
It should be noted that since the pandemic situation in 2020 forced OPEC+ to resort to virtual meetings. So far, the organization has held only two face-to-face meetings at its Vienna headquarters.
During the last virtual meeting in early April, OPEC+ highlighted members’ “high compliance” with the Declaration of Cooperation (DoC). In addition, they reiterated their commitment to monitor oil productionunder the agreement reached in June 2023 that establishes an adjustment in the level of oil supply to 40.46 million barrels per day from January 1, 2024 until the end of the year, including additional voluntary production adjustments by some countries.
Which countries make up OPEC and OPEC+?
OPEC is currently composed of 12 member countries: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
Not all of these countries were members from the beginning, as since its establishment in 1960, Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo have progressively joined the organization.
However, Ecuador left the organization on January 1, 2020; Indonesia suspended its membership in November 2016. The last countries to leave the organization were Angola, which ceased to belong on January 1 of this year.
OPEC+ is made up of the aforementioned members, plus Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan.
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Source: elperiodicodelaenergia.com
Photo: shutterstock
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