OPEC + fails to reach agreement on oil, negotiations postponed to Monday

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The 23 OPEC + countries, the cartel of producers led by Saudi Arabia and Russia, did not again reach an agreement on the quotas to be taken into account as of August, after a first failure the day before.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies postponed to Monday their discussions that began on Thursday and that, at the beginning, were to end on this day, the organization said in a statement transmitted to AFP.

The statement indicates that the meeting resumes on Monday at 1:00 p.m. GMT.

OPEC members and their allies had resumed their ministerial meeting on production quotas from August on Friday, postponed the day before for lack of agreement.

OPEC is made up of thirteen countries led by Saudi Arabia, later joined in an expanded group by ten allies, led by Russia. Together they have formed the alliance known as OPEC + since 2016.

The alliance has to establish the level of its total production as of August.

This time, it was not the traditional rivalry between Russia and Saudi Arabia that prevented the deal. The United Arab Emirates would be responsible for the failure of the summit, according to comments from market observers.

Abu Dhabi would have renewed its demand the day before, that is, the upward revision of its reference production volume, which serves as the basis for calculating its quota.

This threshold defined in October 2018 is considered obsolete by the Emirates, who claim “a now higher (production) capacity”, says Eugen Weinberg, an analyst at Commerzbank.

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