OPEC+ meets again without reaching deal

The OPEC+ Joint Ministerial Monitoring Committee met again July 2 to discuss the next phase of oil production policy after the preliminary agreement was blocked July 1 by the United Arab Emirates (UAE), but so far has again failed to reach an agreement. 

In the July 1 meeting, OPEC+ agreed in principle to increase supply by 400,000 b/d each month from August to December 2021 to meet growing demand (OGJ Online, July 1, 2021).

However, UAE reportedly objected to the plan and asked OPEC+ to change the baseline for cuts, effectively raising its production quota.

After failing to reach a deal for a second day, the meeting is rescheduled for July 5, OPEC+ said in a statement.