The OPEC+ meeting scheduled for last Thursday (July 2) was postponed to Friday as it appeared no agreement would be finalised.

It wasn't at Friday's, and the meeting closed with no deal, negotiations are set to continue again today, Monday.

Saudi's energy minister has appeared on Al Sharq TV and he does not sound happy. Reuters have the headlines, some highlights (lowlights):

  • Saudi and Russia are partners in proposing OPEC plus extension deal and increasing production
  • increasing production by 400 thousand barrels per month not enough to end the production cuts by April 2022
  • Saudi - Russian proposal was accepted by everyone except the UAE
  • there should be an increase in production to meet the expected decline in oil during the summer
  • says production agreement should be for a longer duration
  • the agreement has a clear text regarding extension and does not mention anything about production increase
  • Saudi has voluntarily cut 400 thousand barrels per day for 14 months, and says saudi has done more than it should

On a more hopeful note:

  • says a little compromise and rationality can make tomorrow's meeting successful

(by tomorrow he is referring to Monday, I'm writing here in the future!)

OPEC+ meeting