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OPEC+ nations postpone oil talks until July 5

MOSCOW, July 3. /TASS/. The OPEC+ ministerial talks were put on hold on Friday and will resume at 16:00 Moscow time on Monday, July 5, the OPEC secretariat said in a statement.

Earlier, a TASS source at OPEC said the sides had supported Russia’s proposal to postpone the negotiations for a couple of days.

The issue that was not resolved during the three-day consultations is related to the UAE demand to review parameters of the oil output reduction agreement. The country is ready to approve the agreement’s extension beyond April 2022 and the oil production increase by 2 million barrels per day only on those terms.

A source participating in talks told TASS on July 2 almost all members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), except the UAE, supported the proposal to boost oil production by 0.4 mln barrels daily per month from August until 2021 year-end and extend the deal until 2022 year-end.

However, the participants failed to approve this decision during meetings on June 30, July 1 and late on Friday.

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