Extended stay in Vienna

Yesterday’s meeting for OPEC+ members was adjourned, despite a partial agreement reached between the two heavyweights of the group, Saudi Arabia and Russia. The agreement suggested was to add less than 0.5 mb/d per month between August and December, August’s crude production ramp-up was suggested at 0.4 mb/d. The UAE blocked this agreement and asked for a revised date on their baseline production quota to effectively allow them to increase production by 0.7 mb/d. Talks are likely to continue throughout Friday and the weekend, as there is no clear path forward for this negotiation. September ICE Brent contracts spiked to 76.6 $/b ahead of the meeting before scaling back to 75.5 $/b. 

global crude inventories, kpler
Share this news :

You might also read :

July 21, 2021

Energy markets shaken up by tight supply

The EnergyScan team held its quarterly webinar covering key trends and events on energy markets. In this webinar, our experts addressed the following topics, with…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet?