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Algeria suggests bringing forward OPEC+ meeting to June 4

Algeria’s energy minister, Mohamed Arkab, said in the letter that he had held discussions with “some ministers” about bringing forward the dates, which would help “facilitate nominations”.

The term “nominations” is used by OPEC’s de facto leader Saudi Arabia as well as Iraq and Kuwait to allocate crude to traditional buyers depending on demand. The nominations take place around the 10th of every month.

In April, OPEC+ decided to cut its production by a record 9.7 million barrels per day, or 10% of global output, to lift prices battered by a drop in demand because of lockdown measures to stop the spread of the coronavirus.

A drop in OPEC+ production combined with a record decline in output from non-members such as the United States and Canada helped lift oil prices towards $35 per barrel, although they remain at only half the levels seen at the start of the year.

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