OPEC + countries ministerial meeting today

MOSCOW (TASS): The OPEC + countries are discussing a ministerial meeting on Sunday, July 18, as the main differences between the allies have already been settled, two OPEC sources told TASS.

“The meeting with a high probability will take place tomorrow. We are now awaiting official confirmation,” said one of the interlocutors of TASS. Another confirmed that it was on July 18th that was being discussed.

Answering the question whether the main issues that previously prevented the ministers from completing the consultations with agreements have been settled, the interlocutor of TASS said that they still need to be discussed with other parties to the agreement. “But overall, yes,” he replied.

Another high-ranking delegate confirmed to TASS that it was the differences between Saudi Arabia and the UAE that had been settled, but did not disclose details.

According to the interlocutors, the agenda for the next OPEC + meeting will include a discussion of oil production levels until the end of this year, as well as the issue of extending the OPEC + deal until the end of 2022.

In early July, OPEC + ministers could not agree on these two issues for five days. The UAE was not happy that the agreement on the reduction of oil production is proposed to be extended after April 2022, when it expires, under the same conditions on which it is operating now.

According to the Ministry of Energy of the Emirates, the basic cut-off, from which production quotas are calculated, is not relevant for them, and does not take into account the real production capacity. Saudi Arabia rejected the opportunity to adjust this parameter on an individual basis.

Due to disagreements over the basic cutoff levels, the ministers were unable to agree on a more pressing issue – oil production levels from August to the end of this year.

Initially, all OPEC + members approved the restoration of oil production by 2 million barrels per day at a smooth pace until the end of this year, as the supply shortage in the market is increasing.

But due to disagreements on the first issue, a vote on the easing of quotas was not possible.

Leave a Comment