London – “Al-Quds Al-Arabi”: According to a report published by the Bloomberg website, “OPEC +” is secretly working on resolving a dispute between Saudi Arabia and the UAE regarding the amount of crude oil that must be pumped next year.
Reuters quoted OPEC sources as saying that Saudi Arabia was frustrated with the UAE over its refusal to reduce oil supplies.
The sources added that the UAE emerged this week from under the wing of Saudi influence in OPEC. Reuters quoted a source as saying that Saudi Energy Minister Prince Abdulaziz bin Salman offered to step down from the post of deputy chairman of the OPEC Joint Ministerial Monitoring Committee, to grant the position to the UAE, which rejected him in turn. Another source stated that the Saudi minister is very upset, but he will not deviate from consensus.
Following a dispute over the amount of oil to be pumped in 2021
On Monday, the Bloomberg report said, differences between the Saudis and the Emiratis prevented a clear agreement on whether to delay the planned production increase. A rift has emerged between the Gulf exporters, as Abu Dhabi pursues a more independent oil policy.
Delegates spent the day consulting with their governments and exchanging ideas over the phone. After the failed talks exposed a dangerous rift in the alliance’s core, OPEC and its partners are quietly working to repair the damage.
The report said that OPEC and its partners suffered this year from an unprecedented recession in the oil market, which reduced production with the decline in demand following the spread of the Corona epidemic.
He states that if its agreement collapses, prices will fall again.
Halima Croft, chief commodity strategist at the Royal Canadian Bank (RBC), said that “OPEC Plus often generates drama, and this time tensions escalate.” “But we still believe that the group will likely find some compromises to save face. A short extension of the current cuts to be the most likely outcome. ”
The Bloomberg report said that this procedural dispute masked the UAE’s deep dissatisfaction with OPEC supply restrictions, which “do not bode well for collective cohesion in 2021,” according to Croft.
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