OPEC+ may hold ministerial meeting on July 18

The OPEC+ countries are discussing holding ministerial meeting on Sunday, July 18, as the main differences between the allies have already been settled, two OPEC sources told TASS, Report informs.

“The meeting is highly likely to be held tomorrow. We are now awaiting official confirmation,” one of the sources told TASS. Another source confirmed that July 18 was discussed specifically.

Answering a question about whether the main issues that have prevented the ministers from completing the consultations have been settled, one of the sources told TASS that they still need to be discussed with other parties to the agreement. “But overall, yes,” the source said.
Another high-ranking delegate confirmed to TASS that it was the differences between Saudi Arabia and the UAE that had been settled, but did not disclose details.

According to the sources, the agenda for the next OPEC+ meeting will include a discussion of oil production levels until the end of this year, as well as the issue of extending the OPEC+ deal until the end of 2022.

Due to disagreements over the basic cutoff levels, the ministers were unable to agree on a more pressing issue – oil production levels from August to the end of 2021. Initially, all OPEC+ members approved restoring oil production by 2 mln barrels per day at a smooth pace until the end of the year, as the supply shortage in the market was increasing. But due to disagreements on the first issue, a vote on the easing of quotas was not possible.