(Investing) – The Organization of Petroleum Exporting Countries and allies (OPEC+) has rescheduled its video conference to discuss oil production levels for June. The meeting, initially planned for May 5, will now take place on Saturday, according to a report from Bloomberg, citing delegates who requested anonymity due to the private nature of the information.
The upcoming meeting has the potential to influence oil prices in the forthcoming weeks. A majority of traders surveyed by Bloomberg expect another supply increase from the cartel.
In a surprising move last month, the alliance, led by Saudi Arabia and Russia, advocated for OPEC+ to restore 411,000 barrels per day in May. Delegates reported that this decision was aimed at disciplining over-producing members Kazakhstan and Iraq by causing a drop in prices.
