World"OPEC +" ministers suspend meeting on oil production

“OPEC +” ministers suspend meeting on oil production


AA / Istanbul

Energy ministers of the alliance of oil producers, OPEC + suspended their meeting on Thursday without reaching an agreement on production policy.

The ministers said in a statement that they would resume their meeting by videoconference on Friday evening to allow time for further consultations.

The suspension of the meeting reflects disagreements within the Coalition, between countries that support extending production cuts to their current levels, led by Saudi Arabia and Russia, and countries that call for an increase in production. oil production, led by the United Arab Emirates.

In May 2020, the countries of the alliance, which brings together the 13 members of the Organization of the Petroleum Exporting Countries “OPEC” led by Saudi Arabia and 10 foreign producers led by Russia, began record production cuts. of 9.7 million barrels per day.

These reductions were gradually reduced to 5.8 million barrels per day until the end of July.

Analysts expect Alliance countries to gradually increase production by 2 million barrels per day by the end of the year, at a monthly rate of 500 million barrels per day, for the months from August to December 2021.

* Translated from Arabic by Hajer Cherni

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