OPEC Ministers On Friday could not agree on improving oil production and decided to continue negotiations on Monday, Bloomberg reported with reference to sources.
According to them, the positions of the parties remained unchanged: most countries are ready to add additional 400,000 barrels per day from August to December and extend the range of contractions until the end of 2022, but the United Arab Emirates block the agreement, writes Forbes.
OPEC participants failed to agree on the transaction the second day in a row. Initially, they had to declare their decision on Thursday, but the negotiations unexpectedly visited a dead end. Bloomberg wrote that almost all exporters were ready to agree to increase production at 400,000 barrels per day each month from August to December and extend the range of contractions until the end of 2022, but at the last moment the transaction was broken due to the UAE. They remained dissatisfied with the production of oil production, which were used to calculate their shares of reducing production, and achieved an increase in their quotas, but Russia and Saudi Arabia rejected this requirement, sources of Bloomberg said.
After the breakdown of negotiations on Thursday, OPEC + decided to hold additional consultations on Friday. Bloomberg with reference to the source wrote that the opposition of the UAE and other members of the transaction could lead to the fact that OPEC + and at all decide not to increase production, while maintaining the current transaction conditions until April 2022. It will inevitably lead to a surge of oil prices, agency warned.