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FRANK KANE July 05, 2021 arabnews.com
DUBAI: A crucial meeting of the energy ministers of OPEC+ was called off on Monday as the UAE insisted on conditions unacceptable to the other 22 members of the oil producers’ alliance led by Saudi Arabia and Russia.
The cancellation of the meeting reconvened from last week left global oil markets uncertain about how producers will meet rising demand as the pandemic recovery gathers pace.
Brent crude, the global benchmark, maintained its three-year high of about $77 a barrel after the cancelation.
Mohammed Barkindo, secretary-general of the Organization of Oil Exporting Countries, told ministers: “Upon consultations with Prince Abdul Aziz bin Salman, Minister of Energy of Saudi Arabia, and Alexander Novak, Deputy Prime Minister of the Russian Federation chairman and co-chairman of OPEC+ the reconvened 18th meeting has been called off.