It thundered so much that it rained. After the signs of relaxation of recent days, there is an air of agreement within OPEC +: the organization has called a meeting for tomorrow, after significant progress towards resolving the stalemate with the United Arab Emirates which had blocked an agreement to increase production.
The online ministerial conference is scheduled for 12 noon. Vienna time, although a delegate warned that not all ministers have confirmed attendance yet.
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Ministers from Saudi Arabia, Kuwait, the United Arab Emirates and Oman met online today to discuss the matter, Bloomberg gathered.
However, the exit from the impasse for the first time seems within reach, after the disastrous outcome of the last summit. The meeting had even been “canceled” on Monday 7 July, after days of negotiations in which they tried in vain to overcome the differences, which mainly opposed Saudi Arabia and the Emirates: countries that were once iron allies, but today more and more often misaligned not only on oil issues.
The Organization of the Petroleum Exporting Countries and its allies were forced to abandon an interim agreement to increase oil production in monthly installments of 400,000 barrels per day due to last-minute objections from the UAE, which claimed that the its production limit was unfairly low.