7 things you need to know ahead of OPEC's June 22 meeting

OPEC and non-OPEC members Russia will meet on June 22 in Vienna to discuss on their deal that has seen them collaborate to curb output in a bid to support crude oil prices.

In May, Saudi energy minister Khalid Al-Falih said that his country "shares the anxiety of consuming nations" with the Russian energy minister Alexander Novak revealing the Russia’s readiness to increase production.

Argaam has compiled a list of some of the major announcements made in the run-up to the meeting.

1) Saudi Arabia and Russia  agree that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond for oil market monitoring and joint action in case of need.

2) The OPEC and non-OPEC countries will discuss raising the oil output by 1.5 million barrels per day (bpd) in the third quarter only, according to Russian energy minister.

3) Saudi Arabia plans to host a leaders’ oil summit later this year for OPEC and non-OPEC countries participating in a supply cut pact.

4) Saudi minister of energy expects a "reasonable and moderate" agreement at the OPEC and non-OPEC oil-producing nations meeting this week.

5) The Kingdom has put forward plans for increasing oil output to fellow OPEC members, including one with a two-step increase.

6) OPEC president Suhail Al Mazrouei said it has not been asked by the United States to boost oil production amid collapsing output in Venezuela and US sanctions on Iran.

7) Crude oil output by OPEC members rose 35,000 barrels per day (bpd) to average 31.85 million bpd in May, as compared to the previous month, according to OPEC’s latest monthly oil report.