Saturday, 23 Jan 2021

OPEC + will resume talks on Tuesday

Baghdad, OPEC + will resume talks on Tuesday after reaching a dead end over oil production levels in February, with Saudi Arabia’s opposition to pumping more crude.

A source in the organization stated that the cause of the dispute was new closures linked to the Coronavirus, while Russia led calls to increase production, indicating a recovery in demand.

He added: The unusual decision was taken to extend the negotiations to a second day after a three-hour discussion at a hypothetical meeting of the OPEC + group, which includes OPEC members and other oil producers, including Russia.

It is scheduled to resume negotiations at 1730 Baghdad time tomorrow, Tuesday.

Sources at OPEC + told Reuters that Russia and Kazakhstan supported the increase in production, while Iraq, Nigeria and the United Arab Emirates proposed to keep production stable.

On Sunday, OPEC Secretary-General Muhammad Barkindo warned OPEC + experts of downside risks facing the oil market.

 

Source: National Iraqi News Agency

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