Excerpts:
(not an oil baron, just have royalty interests)
OPEC+ was set to reconvene for crisis talks via videoconference at 2 p.m. London time Monday. However, after a two-hour delay, Reuters, citing two sources, said that the meeting had been postponed.
The reports were later confirmed by a communique from OPEC which said that “the date of the next meeting will be decided in due course.” Bloomberg also reported that it meant OPEC+ would continue with production quotas at current levels.
“For us, it wasn’t a good deal,” UAE Minister of Energy and Infrastructure Suhail Al Mazrouei told CNBC’s Hadley Gamble on Sunday. He added that while the UAE was willing to support a short-term increase in oil supply, it wants better terms through 2022.
OPEC+, which is dominated by Middle East crude producers, agreed to implement massive crude production cuts in 2020 in an effort to support oil prices when the coronavirus pandemic coincided with a historic fuel demand shock.
Led by Saudi Arabia, a close ally of the UAE, OPEC+ has since initiated monthly meetings in a bid to navigate production policy.
It has resulted in a rare public stand-off between the UAE and its long-time regional ally Saudi Arabia, OPEC’s de facto leader. The dispute comes as energy market participants anxiously await policy direction that is likely to shape crude markets into next year.
Responding to the reports, John Kilduff, a founding partner at Again Capital, said that the “Opec solidarity dissolved today.”
https://www.cnbc.com/2021/07/05/opec-meeting-saudi-arabia-uae-in-focus-over-oil-output-policy.html