OPEC+ to resume crisis talks as Saudi Arabia and the UAE remain at loggerheads over oil output – By Sam Meredith (CNBC) / July 5 2021
- The energy alliance, often referred to as OPEC+, on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments.
- It also proposed to extend the remaining output cuts to the end of 2022.
- The United Arab Emirates rejected these plans, however, blocking an agreement for the second consecutive day to leave oil markets in limbo over the weekend.
- OPEC+ will reconvene once again via videoconference from 2 p.m. London time Monday.
LONDON — Oil producer group OPEC will resume talks on Monday with non-OPEC partners, seeking to broker a deal on crude output after the group unexpectedly failed to reach an agreement last week.
The energy alliance, often referred to as OPEC+, on Friday voted on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year in 400,000 barrels per day monthly installments. It also proposed to extend the remaining output cuts to the end of 2022.
The United Arab Emirates rejected these plans, however, blocking an agreement for the second consecutive day to leave oil markets in limbo over the weekend.
“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble on Sunday. He added that while the UAE was willing to support a short-term increase in oil supply, it wants better terms through 2022.
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