The members of the oil cartel OPEC and the allies have made the decision to meet after a month of fighting. The insiders report this to Bloomberg news agency. The lack of a date for the next meeting was more likely to create uncertainty on the market.
At the beginning of July, members of OPEC and allies such as Russia travel to the head office in Vienna to discuss any production cuts. Connoisseurs expect an extension of the current production limit of 500,000 barrels per day until the end of this year. With this, the oil cartel and Russia want to support oil prices.
Oil producers have become increasingly difficult to agree with each other lately. For example, setting a date for the next OPEC meeting grew into a diplomatic conflict between Saudi Arabia and Iran. An oil tanker incident in the Gulf of Oman also added to the tensions.