OPEC president calls for earlier meeting

He has proposed moving the OPEC meeting a few days earlier, and spoke to members about the impact of low conformity

OPEC, OPEC+

OPEC president Mohamed Arkab, also Algeria's energy minister, has reportedly proposed OPEC and its allies to meet earlier in June.

The National reported that in a letter sent to OPEC+ members, Arkab suggested holding the meetings on June 4 rather than the previously scheduled June 9 and 10.

In the letter, he urged that ministers share "positive messages" about their levels of compliance with the pact, and to report their actual conformity. He noted that any reports of low compliance "may have an adverse impact as soon as markets are open on Monday."

OPEC and its allies agreed to cut 9.7 million barrels per day (bpd) of production in May and June in response to weak demand due to the coronavirus pandemic.

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