ISSN 2330-717X

OPEC+ Leaves Oil Market Meeting

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A meeting between oil producing group OPEC and its non-OPEC counterparts, which aimed to broker a deal on crude output, has been postponed indefinitely, according to a document seen by Arab News.

The OPEC+ alliance was unable to reach an agreement last week on extending the current oil output deal.

The OPEC Secretariat sent a letter to all ministers informing them of the postponement of Monday’s meeting after consultations with the Saudi and Russian energy ministers.

A new date for the meeting will be announced in due course, according to the letter.

The OPEC+ alliance voted on Friday on a proposal to increase oil production by roughly 2 million barrels per day between August and the end of the year. It also proposed to extend the remaining output cuts to the end of 2022.

The UAE agreed to increase production but rejected any extension of the current agreement beyond April 2022 unless it was allowed to have better terms to increase its own output.

The failure to reach an agreement for the second consecutive day left oil markets in limbo over the weekend. 

Saudi Energy Minister Prince Abdul Aziz bin Salman told Al Arabiya on Sunday that extending the deal beyond April was the basis of the agreement.

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Arab News

Arab News is Saudi Arabia's first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz. Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

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