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Negotiations by the participants in the OPEC + agreement to limit oil production have not yet produced results. One problem remains the dispute between Russia and Saudi Arabia, key parts of the deal, over the parameters of production cuts since January. This was said by OPEC + sources, Reuters reports.
The first round of negotiations took place on November 29. The parties agree that it is not practical to increase oil production by 1.9 million barrels per day, as provided in the current agreement.
At the same time, Saudi Arabia wants to maintain the current restrictions of 7.7 million barrels per day for three to four months. Russia, on the other hand, insists on a gradual increase in production since January. Kazakhstan also supports your position.
Furthermore, Bloomberg noted, contradictions with the UAE, which believes that quotas have been unfairly set, have yet to be resolved. In the future, the country even threatens to leave OPEC, sources say.
These circumstances will make negotiations difficult, as Moscow or Riyadh will have to compromise. At the same time, the press secretary of the Russian president, Dmitry Peskov, assured that the contradictions are not as strong as in March 2019, when the previous OPEC + agreement unexpectedly collapsed.
Previously, the analysts referred to by the CNBC portal agreed that the OPEC + agreement would last on the terms of Saudi Arabia, that is, the parties would postpone increasing production.
