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Tuesday, July 6, 2021
The meeting scheduled for Monday between OPEC and non-OPEC members was called off. The meeting was to continue discussions from Thursday and Friday on adding production to the markets as crude oil prices soar. The UAE is the lone standout to concluding the agreement as it seeks to have its baseline daily production increased.
“The 18th OPEC and non-OPEC Ministerial Meeting has been called off,” OPEC Secretary General, HE Mohammad Sanusi Barkindo, said in a letter to Heads of Delegation of OPEC Member Countries and non-OPEC oil producing countries participating in the Declaration of Cooperation (DoC).
“Upon consultations with HRH Prince Abdul Aziz Bin Salman, Minister of Energy of the Kingdom of Saudi Arabia, and HE Alexander Valentinovich Novak, Deputy Prime Minister of the Russian Federation, Chairman and Co-chairman of the OPEC and non-OPEC Ministerial Meeting (ONOMM), the reconvened 18th OPEC and non-OPEC Ministerial Meeting has been called off,” the Secretary General stated.
The Secretary General noted: “The date of the next meeting will be decided in due course and we will inform you accordingly.”
Last week, the UAE blocked the deal on the table stating it wants additional barrels added to its quota as it feels its cuts are proportionately more than other producers. Saudi Arabia and Russia took immediate exception to this request.
Oil prices climbed again on the news, with Brent Crude rising above $77 a barrel, while the OPEC barrel price stood at $75.71.
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