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OPEC+ to Hold June 2 Output Policy Meeting Online

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
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OPEC+ to Hold June 2 Output Policy Meeting Online

FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo

The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.
The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday.
OPEC+ oil producers are making voluntary output cuts totaling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary cut.
The curbs are on top of earlier reductions of 3.66 million bpd to the end of 2024, announced in various steps since late 2022. That brings total pledged cuts to 5.86 million bpd, equal to about 5.7% of daily world demand, Reuters calculations show.
Sources from countries that have made voluntary supply cuts told Reuters this month that an extension was likely.
The OPEC+ supply cuts since late 2022 have been against a backdrop of rising output from the United States and other non-member producers while worries over demand have remained in focus as major economies grapple with high interest rates.

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China, Africa Ask US to Return to ‘Right Track’ on Trade Differences 

China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province. (Reuters file)
China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province. (Reuters file)
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China, Africa Ask US to Return to ‘Right Track’ on Trade Differences 

China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province. (Reuters file)
China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province. (Reuters file)

China and 53 African countries called on nations, especially the United States, to return to the "right track" of resolving trade differences, the official Xinhua news agency reported on Wednesday.

The statement came after China's Foreign Minister Wang Yi met with African officials in the city of Changsha located in southern Hunan province.

The White House, in its April 2 "Liberation Day" tariff announcement, imposed some of the highest tariffs on several African countries. That included levies of up to 50% on goods from Lesotho, 47% for Madagascar, 40% for Mauritius, 38% for Botswana and 31% for South Africa, the continent's biggest exporter to the US.

The China-Africa statement, made on behalf of China, 53 African countries and the African Union Commission said it "firmly opposed any party reaching a compromise deal at the expense of the interests of other countries."

"We call on all countries, especially the United States, to return to the right track of resolving trade differences through consultation on an equal, respectful and reciprocal basis," the statement said.

China is willing to implement zero-tariff measures for the 53 African countries that it has diplomatic relations with, the statement said, apart from Eswatini, the only African country that supports Taiwan.

China's relations with African countries have strengthened as its own economy slows and it has emerged as Africa's biggest lender. In recent years, China has stepped up cooperation in areas from agriculture to infrastructure.

The continent offers a much-needed avenue for Chinese state-owned infrastructure firms struggling for projects as indebted local governments hold off on spending, and as a market for its electric vehicles and solar panels, areas where the US and EU say China has over-capacity.