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OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers group told Reuters.
Sunday’s meeting will be held virtually as have all such discussions since last year.
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 oil market and cool soaring prices.
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.
Oil prices fell Friday, extending losses from the previous two sessions, and were on track for their biggest weekly drop since March after expectations of more supply put pressure on the market.
Brent crude was up 28 cents, or 0.4%, at $73.77 per barrel, heading for a 3.8% fall this week. U.S. crude futures were up 39 cents, or 0.54%, at $72.01 per barrel, on track for a 5.1% decline.
Saudi Arabia and the UAE reached a compromise this week, paving the way for OPEC+ producers to finalise a deal to increase production.
OPEC+ plans new output policy
OPEC+ plans new output policy
Reuters
July 18, 2021
MOSCOW/DUBAI:
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 oil 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. OPEC 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 da
OPEC+ ends standoff, agrees to boost output from August nairametrics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nairametrics.com Daily Mail and Mail on Sunday newspapers.
OPEC+ plans new output policy meeting today, sources say
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MOSCOW/DUBAI: OPEC+ ministers plan to hold their next meeting today (Sunday) to decide on output policy, three sources within the producers’ group told Reuters.
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 oil 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.