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OPEC + is moving towards a deal that would define the group’s oil production plan in 2021. The official meeting was postponed until Thursday, after it became clear that further dialogue would be needed before a consensus could be reached. be achieved.
The most influential members of the group seem to disagree, including Saudi Arabia, Russia and the United Arab Emirates – each with their own idea of how much production will be needed for the new year.
While progress has been made towards a deal, according to sources who spoke to Bloomberg, there have been no details on what the progress looks like – no details.
Russia is the more optimistic member of the group, keeping the idea contained in the original plan which called for the group to gradually increase production from January.
The UAE is calling on all members to comply with the current deal before any extensions to the current deal are imposed and appears to be fighting to get better terms for themselves as they grapple with their budget despite a significant increase in their oil reserves last month.
Saudi Arabia, the group’s most aggressive oil production cutter – and the group’s main swing producer – favors whatever is needed to curb inventories and drive up oil prices.
The suggestion that the group is only moving forward and not necessarily close to a deal could be interpreted as a problem, especially since the group’s two allies, the UAE and Saudi Arabia, appear to be on different pages. .
Nonetheless, oil prices rose Wednesday afternoon, with WTI and Brent each trading close to $ 1 a barrel at 2:00 p.m., WTI trading at $ 45.49 and Brent trading at $ 48.41. .
By Julianne Geiger for OilUSD
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