Major Oil Producers Seeking Output Boost to Meet Sunday

VIENNA - Major oil producers seeking to boost output will meet on Sunday, OPEC said, after negotiations earlier this month became deadlocked over plans to gradually ease production cuts.

The OPEC+ grouping, which includes Saudi Arabia and Russia, will meet via videoconference at 1000 GMT on Sunday, the Vienna-based OPEC Secretariat said in a statement.

The group's 23 members canceled a meeting on July 5 that was supposed to overcome an impasse over crude output levels.

Since May, the group has raised oil output bit by bit, after slashing it more than a year ago when the coronavirus pandemic crushed demand.

At stake is a proposal that would see the world's leading oil producers raise output by 400,000 barrels per day (bpd) each month from August to December.

That would add 2 million bpd to markets by the end of the year, helping to fuel a global economic recovery as the coronavirus pandemic eases.

A further proposal seeks to extend a deadline on capping output from April 2022 to the end of 2022.

But holding out against the new deal was the United Arab Emirates, which criticized the terms of the extension as unjust.

Oil prices, which had already been sliding owing to concerns about the global economy, plummeted in April 2020 as coronavirus spread around the world and battered global consumption, transport and supply chains.

OPEC+ decided to withdraw 9.7 million bpd from the market and to gradually restore supplies by the end of April 2022. Benchmark oil prices rebounded as a result.

Source: Voice of America

  • Related Posts

    Budget 2025: Enhance Padi Farming Sector, Eliminates Poverty In Sabah

    KOTA KINABALU, More funding should be allocated to boost the agriculture sector in Sabah, particularly for padi farming in rural and remote areas, to serve as a catalyst for reducing poverty, especially extreme poverty.

    Deputy Chief Minister I Datuk …

    Some of N. Korea’s trash balloons equipped with GPS transmitters: S. Korean military

    Some of the balloons floated by North Korea to dump trash across South Korea have been equipped with GPS transmitters, South Korea’s military said Sunday.

    According to South Korea’s Joint Chiefs of Staff, GPS transmitters were found in some of the No…