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OPEC+. OPEC+ expected to stick to output hike as oil prices bounce back (Al Jazeera)

By  and Bloomberg

OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.

The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly installment when it gathers on Sept. 1, according to a Bloomberg survey of traders and analysts. Several OPEC+ delegates privately predict the same outcome.

OPEC+ expected to stick to output hike as oil prices bounce back | Algeria News | Al Jazeera

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OPEC – OPEC faces longer-term challenges (Chatham House)

Neil Quilliam

It was little surprise that Saudi Arabia and the UAE eventually reached a compromise on OPEC production and baselines, despite the high drama at the latest OPEC ministerial. What was surprising, though, was the public nature of the disagreement and the willingness of UAE officials to joust so vigorously with their Saudi counterparts in international media, leading to energy minister Prince Abdulaziz bin Salman playing much more ‘a la guerre’ than ‘a plaisance’.

OPEC faces longer-term challenges | Chatham House – International Affairs Think Tank

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(OPEC+) A compromise between Saudi Arabia and UAE

Al Jazeera writes: Saudi Arabia and the United Arab Emirates have reached a compromise deal in a standoff over OPEC+ crude output quotas, according to media reports citing sources within OPEC+.

read article: Saudi and UAE reach compromise in OPEC+ standoff | Business and Economy News | Al Jazeera

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OPEC – OPEC Standoff: Resetting market share (Rachel Ziemba, The Interpreter)

The 1 July OPEC meeting ended in deadlock. Although all the major oil producers agreed in principle to collectively boost production by 400,000 barrels per month from August through the end of 2021, they failed to agree on how long the production agreement should last, putting the whole deal on hold. This deadlock represents the latest divide over market share, this time, about how to distribute reopening gains.

OPEC Standoff: Resetting market share (lowyinstitute.org)

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OPEC/Saudi Arabia/UAE – Saudi-UAE rivalry takes shape amid OPEC spat and competing hubs (Sean Mathews, Al Jazeera)

The United Arab Emirates’ refusal to agree to a Saudi-backed plan to boost oil output is the latest in an emerging rivalry playing out between the two traditional Gulf allies as both countries seek to diversify their economies and manage a long-term transition away from the petroleum industry.

The unusually public spat between the UAE and Saudi Arabia over output increases by the Organization of the Petroleum Exporting Countries (OPEC) has kept oil prices volatile. Monday’s OPEC meeting was cancelled and has yet to be rescheduled, leading to market uncertainty.

Saudi-UAE rivalry takes shape amid OPEC spat and competing hubs | GCC News | Al Jazeera

Competition between Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed (R)) and Saudi Crown Prince Mohammed bin Salman includes a race to secure a reputation as the region’s main business hub [File: WAM/Handout via Reuters]

Competition between Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed (R)) and Saudi Crown Prince Mohammed bin Salman includes a race to secure a reputation as the region’s main business hub [File: WAM/Handout via Reuters]

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OPEC/Saudi Arabia/UAE – From Saudi-UAE spat to 2020 price war, OPEC drama is nothing new (Al Jazeera)

The ongoing spat between the United Arab Emirates and Saudi Arabia is just the latest dispute in the decades-long history of the Organization of the Petroleum Exporting Countries (OPEC).

Founded in 1960, the OPEC oil cartel has seen its share of disagreements between members, ranging from arguments over output quotas to all-out conflicts such as the Iran-Iraq war in the 1980s and Iraq’s 1990 invasion of Kuwait.

From Saudi-UAE spat to 2020 price war, OPEC drama is nothing new | Donald Trump News | Al Jazeera

In the latest OPEC conflict, Saudi Arabia wants to extend remaining OPEC+ cuts until the end of 2022, but the United Arab Emirates wants to defer discussion on extending the pact beyond April 2022 [File: Leonhard Foeger/Reuters]

In the latest OPEC conflict, Saudi Arabia wants to extend remaining OPEC+ cuts until the end of 2022, but the United Arab Emirates wants to defer discussion on extending the pact beyond April 2022 [File: Leonhard Foeger/Reuters]

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OPEC/USA – As OPEC+ talks stall, US shale producers hedge their bets (Sheela Tobben, Kevin Crowley and David Wethe, Bloomberg, Al Jazeera)

As soon as OPEC+ negotiations fell apart on Monday, stoking fears of a supply squeeze and sending oil prices soaring, U.S. shale executives began hitting the phones.

They weren’t ordering their crews to drill for more oil. They weren’t game-planning a miraculous comeback in American crude production. They were securing hedges — locking in prices for the oil they plan to produce next year and protecting themselves against a potential market slump, people familiar with the trades said, asking not to be named because the information isn’t public.

As OPEC+ talks stall, US shale producers hedge their bets | Business and Economy News | Al Jazeera

US shale producers have said they will maintain fiscal discipline [File: Daniel Acker/Bloomberg]

US shale producers have said they will maintain fiscal discipline [File: Daniel Acker/Bloomberg]
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OPEC/USA – Biden administration ‘encouraged’ by ongoing OPEC talks (Jordan Fabian and Josh Wingrove, Bloomberg, Al Jazeera)

Biden administration officials are “encouraged” by ongoing OPEC talks and have spoken with officials in Saudi Arabia and the United Arab Emirates in hopes of reaching an agreement to stem the rise in crude prices, White House Press Secretary Jen Psaki said.

Biden administration ‘encouraged’ by ongoing OPEC talks | Joe Biden News | Al Jazeera

'The president wants Americans to have access to affordable and reliable energy, including at the pump. And so that’s why our team is constantly monitoring gas prices and directly communicating with OPEC parties to get to a deal and allow proposed production increases to move forward,' White House Press Secretary Jen Psaki said during a Tuesday press briefing [File: Evan Vucci/AP Photo]

The president wants Americans to have access to affordable and reliable energy, including at the pump. And so that’s why our team is constantly monitoring gas prices and directly communicating with OPEC parties to get to a deal and allow proposed production increases to move forward,’ White House Press Secretary Jen Psaki said during a Tuesday press briefing [File: Evan Vucci/AP Photo]

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OPEC+ – OPEC+ calls off meeting as UAE, Saudi spat continues (Al Jazeera)

OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been reached.

Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday called for “compromise and rationality” to secure a deal after two days of failed discussions last week.

OPEC+ calls off meeting as UAE, Saudi spat continues | Oil and Gas News | Al Jazeera

The failure of the talks, sources said, means an expected increase in oil output from August will not take place - and this helped drive up international benchmark Brent oil Monday [File: Bloomberg]

The failure of the talks, sources said, means an expected increase in oil output from August will not take place – and this helped drive up international benchmark Brent oil Monday [File: Bloomberg]

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