OPEC+ Meeting: Saudi Energy Minister sees the need of rationality and compromise - to save the organization

 

OPEC+ Meeing on Monday

On the eve of the next crucial meeting of the OPEC+, Prince Abdulaziz bin Salman, the Saudi Energy Minister, has said that a bit of rationality and a bit of compromise saved the organization.

The group is meeting again on Monday to reach an agreement that they failed to do so on Friday.

The bone of contention has been the insistence of the UAE on increasing its baseline from 3.2 million bpd to 3.8million bpd, something that both Saudi Arabia and Russia vehemently oppose.

In clarifying further the stance of the OPEC+, Prince Abdulaziz said, “There are mechanisms to address the grievances within the OPEC+ and selectivity is difficult.”

Arab sources, meanwhile, say that the UAE shows no sign of compromising on its position either.

Both sides, however, agree that the production must be increased not to let the price of oil go through the roof and hamper the global growth.

Analysts are hopeful that the members may reach a deal amidst acrimonious haggling.

 

 

 

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