Oil-producing countries postpone decision on output increase

oil output producing countries opec
Gulf
  • Date: 02-Jul-2021
  • Source: Arab News
  • Sector: Oil & Gas
  • Country: Gulf
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Oil-producing countries postpone decision on output increase

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 the group 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. 'PRODUCER TENSION' "Delay clearly signals growing tension between major producers over the pace of supply growth across the second half of this year as they try to balance the impact the pandemic could have on demand with current high prices," said analyst Ann-Louise Hittle of Wood Mackenzie told AFP. Opening the talks earlier Thursday, Angolan Oil Minister Diamantino Azevedo, who currently holds the group's presidency, said that although

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