At today's meeting (Thursday, July 1), 13 OPEC members will attend the closed-door meeting of the OPEC Economic Commission (ECB) and listen to the latest report by Mohammad Sanusi Barkindo, OPEC Secretary General, on the oil market conditions.

The 135th meeting of the OPEC Economic Commission, held on June 5, emphasized the strategic role of the Declaration of Cooperation (DoC) in overcoming the two global oil cycle recessions in 2015 and 2020.

Increasing the oil supply for August or extending the supply limit will be the possible scenarios in today’s meeting, but any decision in this meeting will need the support of the OPEC allies.

OPEC and its allies, in the form of the OPEC+ coalition, have cut oil supplies by 9.7 million barrels a day since May 2020 in response to a slump in demand amid the global Covid-19 pandemic, which is hoped to end by April 2022.

The supply limit of this group will reach 5.75 mbd until July.

In its latest monthly report (June), OPEC stated that global oil demand for 2021 was 96,580,000 barrels per day, which is 120,000 barrels more than in April and 5,950,000 barrels, equivalent to 5.95% more than in 2020.

The price of the OPEC crude basket has risen $26.91 in the past six months, between two meetings.

The price of the OPEC oil basket on November 30, 2020, was $46.43, which has now reached $73.34.

The 18th OPEC+ Meeting will be held hours after the OPEC meeting according to the schedule.