The Organization of Petroleum Exporting Countries (OPEC) and its allies will not determine their output policy in April to reconsider the full impacts of their production cuts on the market, three sources reportedly told Reuters.
OPEC and other non-OPEC major producers are expected to agree on production policies in June, depending on the extent of the US-imposed sanctions on Iran and Venezuela, the sources mentioned.
“So far the likely decision is to extend the agreement in June. Nothing much is planned for April, just to discuss the OPEC and non-OPEC (cooperation pact),” one OPEC source said.
“OPEC is now watching whether things are going to be more severe with Venezuela or Iran,” the source added.
OPEC and its allies will meet in Vienna on April 17-18 and delegates say that another summit is scheduled for June 25-26.