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OPEC+ meeting canceled for production agreement

OPEC+ meeting canceled for production agreement

Vienna, Jul 6 (Prensa Latina) OPEC+ canceled a scheduled meeting Monday, dashing hopes for an agreement to production to satisfy the world´s growing demand for oil.
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OPEC Secretary-General Mohammed Barkindo said in a statement that the meeting was canceled and the date of the next meeting will be decided in due course.

This is the third time that, due to lack of consensus, the meeting was canceled to set up oil production quotas for next few months.

According to organizers, the meeting was canceled due to disagreement between the UAE and the rest of OPEC member states on a technical issue, its baseline production volume.

This disagreement thwarted OPEC’s first round of meetings on Thursday, and again on Friday among members.

However, there is a proposal consisting of increasing oil pumping by 400,000 barrels daily per month, between August and December. This means two million barrels per day on the market through the end of the year.

However, the proposed strategy is the same one put in place in May: to gradually reopen the oil tap after having closed it at the beginning of the pandemic.

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