After weeks of disagreements, conflicting reports, and discussions about scheduling conflicts, OPEC has finally decided when it will hold its key meeting to decide whether to extend the oil production cuts beyond June—it is postponing the originally scheduled June 25-26 meeting with a week, to July 1 and 2 . According to the changed timeline of the upcoming events on OPEC’s website, the Joint Ministerial Monitoring Committee (JMMC)—which reviews market fundamentals and makes recommendations to the whole group—will meet on the morning on July 1. A full OPEC meeting will be held on the afternoon on the same day, while OPEC’s non-OPEC partners led by Russia will join the talks on the next day, on July 2. While OPEC and Russia have been busy trying to assure the markets that they would be working to rebalance the oil market, reports started to emerge in the past few weeks that […]