Business & Economy

OPEC+ summit negotiations adjourned again after failure to find agreement

Nur-Sultan/Vienna, Jul 5 (EFE).- The OPEC+ summit has been postponed for a third time due to a lack of consensus over target crude oil production levels for the coming months, according to sources from the Ministry of Energy of the Republic of Kazakhstan.

They said more consultations are needed, adding that no new date has been set yet for the postponed meeting that will take place online.

It is the third time the Organization of the Petroleum Exporting Countries and allies, including Russia, have failed to find an agreement and must interrupt negotiations, which were originally due to be settled on Thursday July 1 in Kazakhstan.

According to several sources, the United Arab Emirates is unwilling to budge, by setting an increase of its national quota as a condition for consent to an extension of the current accord, which expires in April 2022.

The UAE is blocking the preliminary agreement reached by Saudi Arabia and Russia to increase collective crude oil output every month by 400,000 barrels per day from August 2021 to September 2022. EFE


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