On the eve of the next crucial meeting of the OPEC+,
Prince Abdulaziz bin Salman, the Saudi Energy Minister, has said that a bit of
rationality and a bit of compromise saved the organization.
The group is meeting again on Monday to reach an
agreement that they failed to do so on Friday.
The bone of contention has been the insistence of
the UAE on increasing its baseline from 3.2 million bpd to 3.8million bpd,
something that both Saudi Arabia and Russia vehemently oppose.
In clarifying further the stance of the OPEC+, Prince
Abdulaziz said, “There are mechanisms to address the grievances within the
OPEC+ and selectivity is difficult.”
Arab sources, meanwhile, say that the UAE shows no
sign of compromising on its position either.
Both sides, however, agree that the production must
be increased not to let the price of oil go through the roof and hamper the
global growth.
Analysts are hopeful that the members may reach a
deal amidst acrimonious haggling.
