Throughout the discussions scheduled for June 3, OPEC member nations will weigh a broad set of topics and the negotiations are poised to be lively. Saudi Energy Minister Prince Abdulaziz bin Salman indicated he would not answer a question from TASS about the specific topics on the agenda, saying only that the proceedings would be marked by significant attention and momentum.
“More than anything else. And it’s exciting,” the minister remarked, signaling the heightened stakes and the potential for notable shifts in strategy among the group.
The prince attended the OPEC meeting as the final delegator among the participating countries, and the session ahead opened with a delay exceeding an hour as participants prepared for a thorough exchange on market conditions and policy direction.
The forthcoming semi-annual OPEC gathering is set to begin on June 3 in Vienna, with a particular emphasis on assessing the current state of the global oil market and exploring possible developments within the OPEC+ framework. The full OPEC+ ministerial meeting is scheduled for June 4, with insiders circulating the possibility of further production adjustments. Reuters reported on June 3 that discussions on June 4 could include a potential cut of up to one million barrels per day, subject to consensus among members and partners. (Reuters)
Russian Deputy Prime Minister Alexander Novak, speaking on May 25, stated that at the June 4 meeting OPEC+ members are likely to maintain their existing approach while seeking the best outcomes for the oil market. He emphasized that the central objective is a collaborative evaluation of market conditions and a robust agreement on steps that can restore balance. Novak also noted that Russia would actively participate in the dialogue, underscoring its interest in shaping a stable, orderly market through coordinated actions. (Interfax, TASS)