OPEC to meet today on output cuts

Vienna: Top oil producing countries will meet via video conference on Saturday instead of next week, a source close to OPEC said on Friday, to assess their current agreement on output cuts, as oil prices recovered somewhat on easing coronavirus lockdowns.

OPEC´s 13 members led by Saudi Arabia, and their 10 allies that include Russia, had originally been due to meet June 9 and 10.

But Algeria, which currently chairs the Vienna-based organisation, proposed a change of date intended, according to analysts, to better synchronise the decisions of oil producers with the timing of transactions on the oil market.