News ID: 214112
Published: 1228 GMT April 28, 2018

OPEC, non-OPEC oil ministers to meet June 23

OPEC, non-OPEC oil ministers to meet June 23

Ministers from OPEC and non-OPEC oil-producing countries plan to meet in Vienna on June 23, one day after talks among only OPEC ministers, a copy of the preliminary schedule seen by Reuters showed.

A technical committee monitoring a deal to cut oil output between the Organization of the Petroleum Exporting Countries and other producers led by Russia will meet on June 19, according to the schedule.

Crude oil futures slipped slightly in late morning trading in Europe on Friday on a strengthening dollar, but market attention was focusing increasingly on the widening Brent-WTI spread.

"Fundamentals and the direction of travel remain supportive [for crude]. Some of the pullback we have seen in last days follows from some resumption of strength in the US dollar, although on an absolute basis that remains low, and some easing of geopolitical tensions," Harry Tchilinguirian, a senior oil strategist at BNP Paribas, said.

The gaze of market players is increasingly drawn towards the widening gap between Brent, which is feeling support from geopolitical unease, and WTI, which is feeling some downward pressure from rising US oil production.

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