Major oil-producing countries postpone output decision

Major oil-producing countries postpone output decision

LONDON: Major oil-producing countries on Thursday failed to agree to boost output in August to meet growing demand and limit recent price rises, adjourning their meeting to Friday. The 13 members of OPEC and 10 allies were expected to make a decision to continue to moderately increase output beyond July. The OPEC+ grouping cut crude production after the pandemic sent oil prices crashing last year. But the group has slightly increased production since early May. Oil prices have recovered, this week reaching levels last seen in October 2018. OPEC members led by Saudi Arabia conferred Thursday via a teleconference. But a subsequent technical meeting of OPEC members together with their 10 allies led by Russia failed to reach consensus, leading to discussions being postponed until Friday, according to an OPEC statement.