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OPEC+ nations postpone oil talks until July 5
MOSCOW, July 3. /TASS/. The OPEC+ ministerial talks were put on hold on Friday and will resume at 16:00 Moscow time on Monday, July 5, the OPEC secretariat said in a statement.
Earlier, a TASS source at OPEC said the sides had supported Russia’s proposal to postpone the negotiations for a couple of days.
The issue that was not resolved during the three-day consultations is related to the UAE demand to review parameters of the oil output reduction agreement. The country is ready to approve the agreement’s extension beyond April 2022 and the oil production increase by 2 million barrels per day only on those terms.
OPEC+ Panel Recommends Gradual Output Hikes for Rest of Year
Jul 01 2021, 11:36 PM
July 01 2021, 9:30 PM
July 01 2021, 11:36 PM
(Bloomberg) An OPEC+ ministerial panel recommended a gradual increase in oil output to the end of the year, paving the way for the wider group to reach a deal that would keep a firm grip on supply even as prices trade at two-year highs.
(Bloomberg) An OPEC+ ministerial panel recommended a gradual increase in oil output to the end of the year, paving the way for the wider group to reach a deal that would keep a firm grip on supply even as prices trade at two-year highs.
Daily Times
July 2, 2021
Global prices for crude oil surged for the third straight day on Thursday as as reports started to emerge that OPEC and its non-OPEC partners led by Russia are discussing another gradual increase in oil supply of two million barrels per day (bpd) between August and December. At 14:05 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 2.48 percent to reach $76.47 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.89, up 3.29 percent. The price for Opec Basket was recorded at $73.34 a barrel with 0.68 percent decrease, Arab Light was available at $73.85 a barrel with 1.07 percent decrease, while the price of Russian Sokol reached $73.94 after shedding 0.88 percent. The first OPEC meeting ended with no discussion of an output increase, but all eyes are now on the JMMC (Joint Ministerial Monitoring Committee of OPEC) meeting. The alliance is preparing to move toward easing the production cuts by 2 million bpd
What happened at OPEC and what now for oil prices?
Tony Sycamore July 2, 2021 3:34 AM
OPEC has an uncanny ability to prompt volatility and did so again overnight as the group failed to reach an agreement that would increase supply and curb surging prices. Share:
Headlines released at around 10 am EST time (midnight AEST) indicated Saudi Arabia and Russia had agreed
to a lower than expected 400kb monthly increase each month to December, for a total hike of 2mb sent crude oil prices $2.50 higher, to $76.22.
Only to see prices fall by over $1.50, following a last-minute objection from the UAE. Reportedly, the UAE would prefer a higher baseline from which their 2022 production cuts would be calculated (current baseline is 3.2 mb/d while expansion efforts may have increased maximum capacity closer to 4 mb/d).