OPEC+ Oil Ministers to Meet on Tuesday

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OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and 10 other exporters will meet by video on Tuesday to review output targets for this year.

The 17th ministerial meeting of the so-called OPEC+ group comes a day after the Joint Technical Committee of experts met in Vienna to discuss outlooks for global demand.

The experts kept the global demand forecast for this year unchanged, predicting that it will grow by 6 million barrels per day to average 96.5 million as the world continues to recover from the pandemic.

OPEC announced in April that the group and the Russia-led oil coalition would bring 2.1 million barrels per day back to the market from May-July, relaxing production cuts to 5.8 million barrels per day.

The oil minister of Iran, an OPEC member, said on Monday that it could easily double its output to 6.5 million barrels. He urged the administration that will take over after the June 18 election to prioritize raising production.

OPEC Secretary General Mohammad Barkindo said that major oil exporters expected Iran to return to the market in an “orderly and transparent” fashion to avoid market turbulence.

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