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OPEC to scrap April meeting but keep oil cuts in place

Credit: Reuters Studio
Published on March 18, 2019 - Duration: 01:00s

OPEC to scrap April meeting but keep oil cuts in place

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of U.S. sanctions on Iran and the crisis in Venezuela.

Ciara Lee reports

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OPEC to scrap April meeting but keep oil cuts in place

In a bid to assess the full impact of U.S. sanctions on Iran and the crisis in Venezuela OPEC is set to scrap its planned meeting in April and instead decide whether to extend output cuts at a meeting June The energy minister of OPEC's de facto leader, Saudi Arabia, said the market was looking oversupplied until the end of the year but that April would be too early for a decision on output policy.

The U.S. has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries' shipments to global markets.

Donald Trump has been a vocal critic of OPEC, a group of oil exporting countries, blaming it for high oil prices.

While many OPEC members have said Trump's sanctions policies have elevated the market.

OPEC and its allies agreed in December to cut output by 1.2 million barrels per day - in an effort to boost prices.

Oil prices were just off their highest for the year in Monday morning trade.

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