Opec+ changes meeting venue again as ministers head to Riyadh

OPEC+ is set to change the venue for its June meeting a second time, with ministers now planning to discuss oil policy in-person in Riyadh, according to delegates.

The alliance of oil producers had previously been planning to convene its Jun 2 meeting via videoconference, having called off prior plans to meet at its headquarters in Vienna.

Kazakhstan confirmed earlier on Friday (May 31) that its Energy Minister, Almasadam Satkaliyev, will join the meeting in the Saudi capital.

The changing plans added intrigue to a meeting that has otherwise been widely expected to ratify existing production policy, extending output cuts at their current levels.

In recent days, the Organization of Petroleum Exporting Countries and its allies have been pressing on with informal talks aimed at finalising an agreement on oil-output cuts this weekend.

Saudi Arabia and its partners are discussing whether to prolong roughly two million barrels a day of production curbs into the second half of the year, according to delegates. They are also considering the possibility of extending some restraints into 2025, they said. BLOOMBERG