OPEC Gridlocked on Meeting Date

OPEC Gridlocked on Meeting Date
OPEC and its allies are struggling to settle on a meeting date.

Sole Objector

That just leaves Iran, which insists that the original plan to convene on June 25-26 should stand. In a letter to OPEC’s Vienna-based secretariat, the Islamic Republic cited its own schedule commitments for rejecting the date move, delegates said.

Venezuelan Oil Minister Manuel Quevedo, who this year holds OPEC’s rotating presidency, is making another attempt this week to persuade Tehran to accept the change after failing to win over Iranian Oil Minister Bijan Zanganeh, said the delegates.

What happens if he fails is unclear. A compromise of holding the meeting for OPEC members on June 25 as originally planned, and moving the gathering for non-OPEC producers to July, has been considered, delegates said.

However, OPEC’s rules require consensus for the date of a conference to be altered, and without Iran’s blessing the upcoming gathering will -- at least theoretically -- remain set for June 25.

As both Saudi Arabia and Russia now cite a conflict with commitments surrounding the Group of 20 summit in Japan taking place in late June, how they would respond if the dates aren’t amended is uncertain.

“It’s a fiasco,” said Brower.

To contact the reporter on this story:
Grant Smith in London at gsmith52@bloomberg.net

To contact the editors responsible for this story:
James Herron at jherron9@bloomberg.net
Christopher Sell, Helen Robertson


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