economyoil productionOPEC+ agreement 2021-07-18 06:28A-AA+
Shafaq News/ “Bloomberg” news agency reported on Sunday that the meeting of the OPEC + alliance agreed to increase the UAE’s share to 3.5 million barrels per day, and to raise the production of Iraq and Kuwait by 150 thousand barrels per day, noting that the next meeting will be held in September 2021.
And she said in her report, that the OPEC + alliance agreed to increase the baseline of the UAE in the agreement to cut production to 3.5 million barrels per day, instead of 3.17 million currently.
It was also agreed to increase the production of Iraq and Kuwait by 150,000 barrels per day, to be based on the new baselines as of May 2022, in addition to extending the agreement to reduce production until the end of next year, and increase production as of next August.
The meeting of energy ministers of the “OPEC +” alliance began a few minutes after one in the afternoon, Baghdad time, which is held via video technology, chaired by Saudi Energy Minister Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak.
A representative of one of the coalition countries had revealed to Bloomberg Agency minutes before the start of the meeting that the UAE expects to review its baseline for production cuts to 3.5 million barrels instead of 3.17 million barrels currently, and officials said before the meeting that it will not be held unless the agreement is guaranteed and is expected to be completed The meeting is the Saudi-UAE dispute that has worried oil traders. As the UAE saw that the way its share was calculated was unfair. It opposed an agreement agreed upon by the rest of the coalition countries, which would have added 400,000 barrels per day each month. The brief breakdown of talks sent crude oil to a 6-year high on the New York Stock Exchange, but prices have since fallen to trade just under $72 a barrel last Friday.
Earlier this week, there were signs of progress between Saudi Arabia and the UAE towards a measured agreement that would have given the latter a more generous production quota. And then yesterday, Saturday, ministers from Saudi Arabia, the UAE, Kuwait, Bahrain and the Sultanate of Oman met via the Internet to discuss the matter, according to delegates of countries from the “OPEC +” alliance.