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Opec+ to hold June policy meeting in person  

Saudi Arabia Kremlin ties Reuters/Heinz Peter-Bader
Global oil demand is forecast to grow between one and two million bpd

Opec+ has confirmed it will hold its June 4 policy meeting in person in Vienna, four sources familiar with the matter said as oil prices slid.

Sources said there had been some discussion in the group about convening the meeting virtually, since ministers will be traveling to Vienna for the Opec seminar in July.

However, two sources familiar with the matter said the meeting will go ahead in person.

Several Opec+ members in April announced voluntary production cuts that take effect this month, but oil prices have continued to fall on concern about economic growth and interest rate hikes.

Oil fell four percent on Wednesday, extending steep losses from the previous session, towards $72 a barrel for Brent crude.  

Opec’s Gulf producers Saudi Arabia, Kuwait and the UAE maintained high compliance with their targets under the Opec+ deal, keeping output steady, a Reuters survey found earlier.

Among countries with higher production, output from Angola posted Opec’s largest increase after maintenance on the Dalia stream hit production in March.

However, output is significantly undershooting the targeted amount by 1.2 million barrels per day because many producers – notably Nigeria and Angola – lack the capacity to pump at the agreed levels.