OPEC Meeting Ends in Disagreement

Friday, July 2, 2021

OPEC members as well as other major oil producing countries including Russia, collectively OPEC+, met on Thursday to discuss adding production to their current daily quotas in an effort to ease burgeoning barrel prices. A deal seemed to have been reached when the UAE rejected the deal on the table, forcing the talks into a second day.

The UAE blocked the deal stating it wants additional barrels added to its quota as it feels its cuts are proportionately more than other producers. Saudi Arabia and Russia took immediate exception to this request. The group was set to meet again on Friday to try and reach an agreement.

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