Sunday, July 25, 2021

OPEC+ delays oil output meeting after UAE reservations: Sources

OPEC+ delays oil output meeting after UAE reservations: Sources

Two sources claimed that the delay was due to reservations from the United Arab Emirates regarding proposals to extend the OPEC+ pact of supply restraint beyond its April 2022 expiry date and into next year.
Sources said that OPEC+ ministers agreed to postpone their scheduled ministerial meeting for Friday to allow for more consultations on the oil output policy. Two sources claimed that the delay was due to reservations from the United Arab Emirates regarding proposals to extend the OPEC+ pact of supply restraint beyond its April 2022 expiry date and into next year. According to one source, OPEC+ had been suggested by the UAE for OPEC+ to revise its production baseline that is used in calculating output cuts.

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