The latest OPEC+ meeting ended in a stalemate
Saudi Arabia and the United Arab Emirates failed to reach a consensus regarding the terms of the latest proposed agreement. OPEC+ members were looking to increase supply by 400,000 barrels per day from August to December 2021 and proposed extending the duration of cuts until the end of next year. The proposal came after last year it agreed to curb output by almost 10 million barrels per day from May 2020 to the end of April 2022 to cope with the pandemic’s effects.
The United Arab Emirates, despite being supportive of the proposal to increase supply, objected to the terms of the extensions, claiming its “sovereign right” to negotiate fairer terms.
The talks between OPEC+ members have been postponed indefinitely.
Sources: Bloomberg.com, reuters.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.