Saudi Energy Minister hopes OPEC agrees to extend production cut ‘early July’

Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC would probably meet in the first week in July in Vienna and that he hoped it would reach consensus on extending its agreement to cut oil output.

Falih said earlier this month that OPEC was close to agreeing to extend the agreement beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from Jan. 1.

“We are hoping that we will reach consensus to extend our agreement when we meet in two-weeks-time in Vienna,” Falih told reporters on the sideline of a G20 energy and environment ministerial meeting in, northwest of Tokyo. Asked when the meeting will be held, he said: “Probably first week of July”.