You are here: Home » International » News » Economy
Business Standard

OPEC+ plans new oil output policy meeting on Sunday, says report

Sunday's meeting will be held virtually as have all such discussions since last year

Topics
oil | Oil Prices | OPEC output

Reuters  |  MOSCOW/DUBAI 

OPEC
Photo: Bloomberg

MOSCOW/DUBAI (Reuters) -OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers group told Reuters on Saturday.

The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight market and cool soaring prices.

The Organization of the Petroleum Exporting Countries, along with Russia and other allies, a group known as OPEC+, still needs to take a final decision on output policy after talks earlier this month were abandoned because of the dispute between Saudi and the UAE.

could not be reached for comment outside regular business hours.

Sunday's meeting will be held virtually as have all such discussions since last year.

OPEC+ last year agreed record output cuts of almost 10 million barrels per day (bpd) to cope with a pandemic-induced slump in demand, curbs which have been gradually relaxed since then and now stand at about 5.8 million bpd.

The dispute between Riyadh and the UAE spilled into the open after previous OPEC+ talks, with both airing concerns about details of a proposed deal that would have added an extra 2 million bpd to the market and extended the pact until end of 2022.

The objective was to ease upward pressure on prices that have recently climbed to 2-1/2 year highs. [O/R]

One OPEC+ source said last week Riyadh had agreed to Abu Dhabi's request to have UAE's baseline - the level from which cuts under the OPEC+ agreement on supply curbs are calculated - set at 3.65 million bpd from April 2022, up from 3.168 million.

(Reporting by Olesya Astakhova and Rania El Gamal Editing by Catherine Evans and David Holmes)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, July 17 2021. 18:09 IST
RECOMMENDED FOR YOU
.