Oil – OPEC+ ministers to meet on Sunday 18 July 2021 to discuss crude output policy

Oil production output levels are on the agenda for this weekend meeting following last week’s agreement between Saudi Arabia and the United Arab Emirates:

The previous OPEC+ meeting finished, after being extended for 3 days to try to reach a resolution, without an agreement. The differences boiled down to the United Arab Emirates seeking an increase in its oil output quota (having invested plenty of capex to enable increased production) and Saudi Arabia not agreeing with this (I’m simplifying).

  • Early signs from the OPEC+ meeting were that most members supported an increase of 400kb/d each month in August, September, October, November and December … that is 2m barrels extra by the end of this year
  • based on the agreement being extended until the end of 2022

Newswires report now of the (virtual) meeting on Sunday, Reuters citing three unnamed sources. 

The online talks are expected to begin around midday, Vienna time. There were, again via newswires, reports citing unnamed sources that ministers from Saudi Arabia, Kuwait, the UAE and Oman met online on Saturday in preparation.

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