UPDATE 2-Saudi Arabia pushes back on UAE opposition to OPEC+ deal Reuters 4 hrs ago
(Adds quote from Saudi minister, context on Saudi-UAE ties)
By Marwa Rashad and Ghaida Ghantous
DUBAI, July 4 (Reuters) - Saudi Arabia s energy minister pushed back on Sunday against opposition by fellow Gulf producer the United Arab Emirates to a proposed OPEC+ deal and called for compromise and rationality to secure agreement when the group reconvenes on Monday.
It was a rare public spat between allies whose national interests have increasingly diverged, spilling over into OPEC+ policy setting at a time consumers want more crude to aid a global recovery from the COVID-19 pandemic.
oil it will get next month.
The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. With the cartel discussing its production policy not only for the rest of the year, but also into 2022, the solution to the standoff will shape the market and industry into next year.
The fight between the two key producers broke into public view on Sunday with both countries, which typically keep their grievances within the walls of the royal palaces, airing their differences on television.
OPEC+ Crisis Deepens As Saudi Arabia Refuses To Budge OPEC+ Crisis Deepens As Saudi Arabia Refuses To Budge The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel.
OPEC+ is scheduled to meet again virtually on Monday at 3 p.m. Vienna time.
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.
The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. With the cartel discussing its production policy not only for the rest of the year, but also into 2022, the solution to the standoff will shape the market and industry into next year.
OPEC+ crisis deepens as Saudi Arabia refuses to budge
Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month. By Bloomberg 05/07/2021, 3:00 am
Suhail Al Mazrouei, United Arab Emirates energy minister, pauses at the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, on Tuesday, Nov. 13, 2018. Photographer: Christopher Pike/Bloomberg
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