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OPEC considering proposal to move meeting to July 11-12: sources

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OPEC considering proposal to move meeting to July 11-12: sources

London — OPEC is considering a proposal to move the date of its next meeting in Vienna to July 11-12, two sources told S&P Global Platts on Tuesday.

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Under the proposal, OPEC would meet on July 11, with Russia and nine other non-OPEC allies joining talks on July 12.

The shift would accommodate Iran, which had said Monday it would not be able to make the July 3-4 date proposed by Russia. The meeting had originally been scheduled for June 25-26, but Russia had requested the change so that it would occur after the G20 summit in Japan on June 28-29.

Any decision to move the OPEC meeting date would require unanimous approval, and all OPEC members have been notified of the latest proposal, one delegate said.

The key item on the meeting agenda is a decision on whether to extend a 1.2 million b/d production cut agreement set to expire at the end of June.

If the date shift is approved, an OPEC/non-OPEC delegate-level Joint Technical Committee would meet in Vienna on July 8, while the Joint Ministerial Monitoring Committee would meet July 10. The committees, co-chaired by Saudi Arabia and Russia, are tasked with monitoring market conditions, assessing compliance with production quotas, and making recommendations to the full 24-country OPEC/non-OPEC coalition.

Russia's energy ministry had no immediate comment, but earlier Tuesday, energy minister Alexander Novak said that Russia would be willing to consider a new timeframe if one was suggested by the OPEC secretariat, the Prime news agency reported.

"I think that the OPEC secretariat should work it out with everyone first. We will consider such a proposal, if it comes from the OPEC secretariat. First of all they have to decide among themselves when to hold such a meeting," Novak told reporters on the sidelines of a Russia-Iran bilateral meeting in Isfahan, Iran.

Novak met in Tehran with Iranian counterpart Bijan Zanganeh on Monday to try and broker a deal on the meeting date.

Zanganeh suggested a window of July 10-12 as an alternative or sticking to the original dates.

-- Herman Wang, herman.wang@spglobal.com

-- Rosemary Griffin, rosemary.griffin@spglobal.com

-- Edited by James Leech, newsdesk@spglobal.com