“The 18th OPEC and non-OPEC Ministerial Meeting has been adjourned for today and will resume on Monday, 5 July 2021, at 15:00 (CEST) via videoconference,” the Organization of Petroleum Exporting Countries (OPEC) said in a statement.

The OPEC+ countries on Friday failed to reach an agreement extending the oil cuts deal and the volume of output limitations.

During the 17th OPEC+ Ministerial videoconference, member countries affirmed commitments to keep a stable oil market, highlighting the importance of ongoing rebalancing efforts. The production commitments of OPEC+ countries were set as 6.5 million barrels for May, 6.2 million barrels for June and 5.76 million for July. Azerbaijan has also agreed to keep the plan for maintaining the commitments of daily oil output cut for the participants of the Declaration of Cooperation at 5.76 million barrels in force in July.

Source: AZERTAC, Azerbaijan State News Agency