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OPEC and its allies agree to end oil production cuts by September 2022

OPEC and its allies agree to end oil production cuts by September 2022

On April 9, in Riyadh, Saudi Arabia, following the outbreak of the Coronavirus Disease (COVID-19), Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, at a virtual emergency meeting between OPEC and non-OPEC countries Give a speech via a video link. 2020.

Saudi Press Agency | Reuters

OPEC and its non-OPEC allies reached an agreement on Sunday to phase out the 5.8 million barrels per day reduction in oil production by September 2022. OPEC announced in a statement that the organization’s coordinated relaxation of oil production cuts, namely OPEC+, will begin in August.

The agreement was reached after a temporary but unprecedented stalemate that began in early July, when the United Arab Emirates rejected the group’s coordinated oil production plan led by its main figure, Saudi Arabia.

Abu Dhabi had asked for an increase in its own crude oil production “benchmark”-the maximum output recognized by OPEC-because this figure subsequently determined the scale of production reductions and quotas it must comply with in accordance with the organization’s production agreement. Members cut from their baseline The same percentage, so having a higher baseline will allow the UAE to obtain a larger production quota.

In his opening speech, UAE Energy Minister Suhail Al Mazroui expressed the UAE’s enthusiasm for Sunday trading.

“We are grateful for our constructive dialogue with His Highness and OPEC,” Al Mazroui told reporters at a press conference, referring to Saudi Energy Minister Abdulaziz Bin Salman. “I confirm that the UAE is committed to the group and will always cooperate with it and do its utmost to achieve market balance and help everyone within the group. The UAE will continue to be a loyal member of the OPEC alliance.”

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