OPEC+ 18th Ministerial Meeting canceled

The 18th Ministerial Meeting of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, was canceled due to the failure to reach an agreement on the production policy.

The energy and oil ministers of the 13-member OPEC led by Saudi Arabia and the 10 non-OPEC oil producing countries led by Russia were to meet for the third time via video conference today to discuss the production policy to be implemented as of August, but the meeting could not be held due to the disagreement between the member countries.

In the statement made by OPEC, it was reported that the 18th Ministerial Meeting of the group was canceled. It was stated that the new meeting date will be announced in the coming days.

Deadlocked talks

The energy and oil ministers of 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producer countries led by Russia met on July 1 to discuss the decision on the production policy to be implemented as of August, but after two consecutive meetings, the member states could not reach an agreement. was delayed until now.

In the talks held on Thursday and Friday, the proposal to increase oil production by 400 thousand barrels per month every month in the August-December period and to extend the current production cut agreement until the end of 2022 was supported by the majority of the member countries, while the talks were inconclusive due to the United Arab Emirates’ desire to “increase the production quota”. was left.

OPEC+ countries’ decision to increase daily oil production

The OPEC+ group decided to gradually increase daily oil production for May, June and July at its 15th Ministerial Meeting on April 1, while Saudi Arabia, the leader of the group, will gradually lift the additional 1 million barrels per day cut decision announced in February and implemented voluntarily. had announced. Thus, the group’s daily oil production increased by approximately 2.1 million barrels in the May-July period.

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