Money Talks

No breakthrough on production levels at extended OPEC+ talks | Money Talks


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Fissures among the cartel of the world's largest oil exporters are threatening to derail an agreement to regulate global supplies of crude. OPEC and its allies had expected to reach a deal to raise output by 400,000 barrels per day, in monthly instalments between August and December. But they've been unable to agree on how much production each country is allowed to add over this period. The United Arab Emirates says the cartel has unfairly limited its quota, below the country's historic contributions to global supplies. But Saudi Arabia and Russia are reportedly adamant that all countries must stick to the same formula that's been employed by OPEC+ since the onset of the pandemic. Naeem Aslam is the Chief Market Analyst at AvaTrade. He says OPEC+ will want to resolve this dispute to keep its market share in the world's oil market.
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