OPEC+ delays meeting to Friday as UAE objects to new oil deal – Reuters

OPEC+ delays meeting to Friday as UAE objects to new oil deal – Reuters

LONDON/DUBAI/MOSCOW, July 1 (Reuters) - OPEC+ delayed its ministerial meeting until Friday to hold more talks on oil output policy, OPEC+ sources said on Thursday, after the United Arab Emirates blocked a plan for an immediate easing of cuts and their extension to the end of 2022.

OPEC+ sources earlier said the plan, on which top OPEC+ producers Saudi Arabia and Russia had reached a preliminary agreement, would see output rise by 0.4 million bpd a month from August to December 2021 to meet rising global demand.

Responding to oil demand destruction caused by the COVID crisis, OPEC+ had last year agreed to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd.