OPEC+ meeting postponed for third time, no new date set: report

Logo of OPEC

The meeting of OPEC+, which was scheduled for today, July 5, was postponed for the third time, as member countries failed to agree on a policy for oil output, Reuters reported, citing sources familiar with the matter.

The meeting was shelved, while no new date has been set for another meeting, which means that the current oil output levels will continue without any increase in supply.

Meanwhile, it was reported earlier that the oil producing countries in OPEC and their allies from outside the group were considering a hike in crude production by 400,000 barrels per day amid recovery in demand and low supply.

OPEC+ failed to reach an agreement in their two meetings last Thursday and Friday with regard to increasing output from next August.