OPEC+ Meeting Deciding Fate of Oil Cuts Agreement to Resume Monday
21:17 GMT 02.07.2021 (Updated: 21:36 GMT 02.07.2021)
© REUTERS / Ramzi BoudinaThe OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016.
© REUTERS / Ramzi Boudina
MOSCOW (Sputnik) - The OPEC+ countries on Friday failed to reach an agreement extending the oil cuts deal and the volume of output limitations. OPEC confirmed that the meeting would reconvene on Monday.
The OPEC and non-OPEC Ministerial meeting started on Thursday and was extended into Friday.
"The 18th OPEC and non-OPEC Ministerial Meeting has been adjourned for today and will resume on Monday, 5 July 2021, at 15:00 (CEST) [16:00 GMT] via videoconference," OPEC said in a statement.
OPEC+ talks languished as the UAE disagreed with the baseline for limiting oil production, two sources in the OPEC+ delegations told Sputnik on Thursday. The baseline output for all participating countries is the October 2018 level, and for Russia and Saudi Arabia it is 11 million barrels per day (mbd).
The OPEC+ countries are collectively slashing to 5.76 mbd in July. The production cuts could be eased by 400,000 barrels per day, to about 5.3 mbd for August-December, a source told Sputnik.