The OPEC logo is pictured at OPEC headquarters on October 4, 2022. In October last year, the oil cartel announced its decision to cut production by two million barrels per day.
Joe Klamar | Afp | Getty Images
OPEC reporters from the three major news organizations were not invited to the oil alliance’s meeting this weekend, sources told CNBC.
The OPEC secretariat, which oversees media accreditation, invited some journalists on Tuesday to cover the June 3-4 meetings on site. But reporters who routinely cover OPEC from Reuters, Bloomberg and the Wall Street Journal had not received invitations as of Wednesday night, according to people familiar with the matter, who spoke on condition of anonymity because of the sensitivity of the issue.
Two Wall Street Journal reporters who do not regularly cover OPEC were invited.
Reporters from CNBC — which competes with three sources of financial news and Bloomberg TV for television news — were invited to as well as the Financial Times.
If the lack of invitation continues, OPEC journalists from the three organizations will be denied access to pre- and post-meeting briefings and to the secretariat. Reuters and Bloomberg both made their exclusions public in stories posted Wednesday.
CNBC understands the two agencies still intend to send delegations to cover the event. Spokesmen for the OPEC secretariat and the Wall Street Journal did not immediately respond to a request for comment. Reuters and Bloomberg News declined to comment.
OPEC+ ministerial meetings often see news agencies such as Reuters, Bloomberg and the Wall Street Journal competing to break the results of the meetings before they close. The widely watched coverage often moves the price of oil futures, and ministers are watched for any comments on market movements that may provide an indication of price.
Repeatedly chaotic OPEC talks resumed in person last October, when worries about oil demand prompted the coalition to shrug off White House pleas for additional supplies and remove 2 million barrels per day of production from the market.
Despite the measure and several members of OPEC+ – the wider alliance including Russia – announcing an additional 1.6 million bpd cut in April, oil prices have remained deeply depressed since the start of the year as European and US banking turmoil and high inflation globally and a slow reopening hit demand in China.
OPEC+ ministers will meet again on Sunday, although heavyweight oil producers Russia and Saudi Arabia appear to have sent conflicting signals ahead of the meeting.
Saudi Energy Minister Prince Abdulaziz bin Salman warned speculators in the market “Watch out“, some saw the move as an indication of potential further cuts.
Meanwhile, Russian Deputy Prime Minister Alexander Novak first said he did not expect any further action from the OPEC+ meeting, then said his comments had been misinterpreted. This was reported by the Russian state news agency Tass.