Meeting ends with no oil policy discussion
(Bloomberg) – OPEC ministers met online to discuss internal issues, before meeting with their allies on Thursday to review oil production policy.
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Wednesday’s discussions among the 13-member Organization of the Petroleum Exporting Countries focused on administrative matters, including an update to the group’s guiding principles manifesto known as the long-term strategy. More significance will come tomorrow’s meeting of the expanded 23-nation OPEC+ alliance – the expected ratification of a supply boost for August that will complete the return of production halted at the start of the Covid-19 pandemic. 19.
Crude traders are more focused on what OPEC’s biggest members will do in the Persian Gulf after this, a decision that may ultimately hinge on the outcome of President Joe Biden’s trip to Saudi Arabia next month, when he should look for help to lower prices. The key question is whether Riyadh and Abu Dhabi can be persuaded to pump more, and whether they even have enough remaining barrels to do so.
(every hour CET)
OPEC discussed December in-person meeting in Vienna (3:29 p.m.)
The group discussed a proposal to hold an in-person meeting in Vienna in December, delegates said. OPEC has been meeting online since the start of the pandemic in 2020.
OPEC meeting ends without any discussion on production policy (2:57 p.m.)
The ministers concluded their meeting without discussing oil production policy, the delegates said. Members agreed to a resolution on administrative matters, a delegate said.
Iran nuclear talks in Doha end ‘with little effect’ (2:15 p.m.)
The decision-making process could become a little easier for OPEC after the latest round of nuclear talks between Iran and the European Union ended on Wednesday, with ‘little effect on the progress of negotiations “, reported the semi-official Tasnim news agency, citing informed sources. sources.
It means OPEC’s two main producers, Saudi Arabia and the United Arab Emirates, may be less concerned about the prospect of a breakthrough that would lift US sanctions on Iran’s oil trade, pushing a flood of rough on the market and enriching their political rival.
Shell CEO says spare capacity is very low (1:37 p.m.)
The world is set for “turbulent times” as available power generation capacity is “very low”, Shell Plc CEO Ben van Beurden told reporters in Singapore. OPEC doesn’t have as much spare capacity as many people think and there is a ‘fear factor’ in oil prices due to an ‘ever tighter market’, he said .
OPEC ministers begin talks (1:10 p.m.)
Ministers from OPEC countries have now started their videoconference, the delegates said, asking not to be named because the information is not public.
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(Updates with blurb on a possible in-person meeting in Vienna)
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