The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, known as OPEC+, decided to postpone their meeting as member countries failed to reach a consensus on the output level after July.
The major oil producing countries were scheduled to hold the 31st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 18th OPEC and non-OPEC Ministerial Meeting on Thursday.
The meeting of Saudi-led OPEC bloc of 13 countries and the Russian-led non-OPEC group that has 10 participants came amid concerns about recent outbreaks of the highly contagious COVID-19 variant Delta and the re-emergence of travel restrictions.
Convened on Thursday, the group failed to reach a consensus and decided to adjourn and continue meeting on Friday.
The group had agreed to gradually return 2.1 million barrels per day (bpd) of supply to the market during May through July, after which the curbs still in place will stand at 5.8 million bpd.
By Sibel Morrow