OPEC+ to hold annual 17th meeting virtually

(MENAFN - Kuwait News Agency (KUNA)) VIENNA, June 1 (KUNA) -- The 17th OPEC+ Ministerial Meeting of the Declaration of Cooperation (DoC) will take place via teleconference on Tuesday afternoon to discuss the developments of oil markets and the global economy.This meeting coincides with the improvement of global demands on oil after the significant decline due to the coronavirus (COVID-19) outbreak, which resulted the collapse of oil prices.The meeting will tackle the ongoing nuclear negotiations in Vienna with Iran, where observers expects that the US and Iran will reach an agreement, thus lifting the US sanctions and the return of Iranian oil to the market.OPEC's Secretary General Mohammad Sanusi Barkindo talked previously about the joint comprehensive plan with the return of Iranian production and exports to the oil market in an orderly manner that preserve relative stability.He also touched upon the investment in the oil industry, stressing it's importance for the oil's future.In the previous annual meeting, they agreed on the additional voluntary supply adjustment of one million barrel a day (mb/d) made by Saudi Arabia in April 2021 and a gradual return of these volumes in May, June and July 2021, given the prevailing uncertainties surrounding the pace of the oil demand recovery. (end) amq.gaa MENAFN01062021000071011013ID1102187970