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Russia tries to rescue stalled OPEC+ talks

July, 08 2021
watermark Economic news

Russia is trying to help resolve disputes between Saudi Arabia and the UAE in negotiations on a deal to increase production in the coming months. However, disagreements are still relevant, and the date of the next meeting of the OPEC+ pact partners has not yet been determined.

And these disagreements between the two countries of the Persian Gulf may exert strong pressure on the oil market, where Brent prices have recently reached highs of 2.5 years.

OPEC+ ministers canceled talks on Monday after the UAE did not support a proposed eight-month extension of production restrictions last week. As a result, the countries were unable to agree on a deal to increase production.

Russia is counting on further growth in oil production, actively working with Riyadh and Abu Dhabi to find a solution on the future of the deal. The Russian side hopes that the next meeting of the alliance members will take place next week.

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