OPEC + stalls in its attempt to agree to an increase in its crude supply

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Vienna / Moscow / Nur-Sultan, Jul 2 (EFE) .- The OPEC + alliance (OPEC and allies), led by Saudi Arabia and Russia, was stuck today in its attempt to decide how much oil it will supply in the coming months and, after hours After deliberations without result, he decided to continue next Monday looking for the difficult internal consensus.

“The 18th ministerial meeting of OPEC and ‘Non-OPEC’ has been suspended for today and will be resumed on Monday” at 15:00 GMT via videoconference, the secretariat of the Organization of Petroleum Exporting Countries (OPEC) reported tonight. in a short statement.

This is the second time that this telematic meeting has been postponed, since it had initially been convened for yesterday, Thursday, when, due to internal disagreements in the previous negotiations, it was transferred to this Friday.


According to several sources, the United Arab Emirates demanded that the calculation base be raised to set its national production quota, reflecting its greater capacity to extract crude, something that was not accepted by the other partners.

That is apparently why it blocked a preliminary agreement that Saudi Arabia and Russia had reached to increase the group’s joint production by 0.4 million barrels per day (mbd) each month starting in August.

The idea is to gradually reintroduce into the market, until September 2022, the 5.7 million barrels per day (mbd) of the large cut (of 9.7 mbd) that the alliance launched in May last year and that According to the agreement then sealed, he planned to leave it underground until the end of April next year.

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The proposal thus includes extending the validity of the compromise reached then to compensate for the historic destruction of oil demand caused by the coronavirus crisis and propping up the sunk prices.

While Kazakhstan and Mexico gave in their initial resistance to approving an extension of the validity of the pact, the Emirates remains firm in its rejection if the calculation base of its national quota is not increased, so that it can extract an additional 700,000 bd.

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