The OPEC oil-producing countries do not agree on how much oil they want to demand. A compromise is to be sought on Sunday.
In the dispute over future oil production volumes, the responsible ministers of the oil cartel Opec and its partner countries want to look for a compromise on Sunday, according to the Russian state agency Tass.
The most important questions on which an agreement failed two weeks ago have now been clarified, Tass reported on Saturday, citing unspecified sources. OPEC confirmed in a brief message that the ministerial round had switched to video. This should therefore begin on Sunday lunchtime.
Actually, the 23 countries of the Opec + group wanted to gradually increase their funding from August onwards in order to meet the increasing demand. However, a dispute between the oil giant Saudi Arabia and the United Arab Emirates prevented an agreement.
The Saudi-dominated oil cartel Opec and its Russian-led cooperation partners had discussed plans to gradually increase their daily production by 400,000 barrels a month from August onwards. The joint step of the so-called Opec + should help to supply the recovering global economy. However, the United Arab Emirates had demanded a higher production quota, while Saudi Arabia did not want to grant the neighboring Gulf state any special rights.
At the beginning of the corona pandemic, Allianz Opec + cut daily production by around 9.7 million barrels in the previous year. This made it possible to support oil prices, which had fallen sharply due to the slump in the global economy. In the meantime the oil taps were gradually turned on. Oil prices have risen significantly in the past few months.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
