On Wednesday, 19, the members of the OPEP (Organization of Petroleum Exporting Countries) announced that they will postpone the scheduled meetings to take place on June 25th and 26th for July 1st and 2nd.
The organization reported that the semiannual meeting will take place in the capital of Austria (01/07), followed by another meeting to be held on the following day (02/07) with the partners, including Russia. The meetings, which were planned to happen since April, should establish the levels of oil production in the global market.
Since 2016, OPEC and other non-group allies, such as Russia, have reached an agreement to limit oil production and support high prices. This agreement is revised every six months.
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