The OPEC and non-OPEC group of countries will continue their talks on the future volume of production cuts on Friday as the United Arab Emirates allegedly disagrees with its baseline for limiting oil output.
On Thursday, the 181st Meeting of the OPEC Conference convened via a videoconference and was followed by the 31st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 18th OPEC+ Ministerial Meeting. Afterwards, the alliance was expected to hold a press conference on the results of the talks.
However, OPEC announced Thursday evening that the talks would continue on Friday and start at 1 p.m. GMT.
The OPEC+ talks lingered as the UAE disagreed with its baseline for limiting oil production, two sources in the OPEC+ delegations told Sputnik. The baseline ouput for all participating countries is the October 2018 level, and for Russia and Saudi Arabia it is 11 million barrels per day (mbd).
The OPEC+ countries are collectively slashing 5.76 mbd in July. The production cuts might be reportedly eased by 400,000 barrels per day to about 5.3 mbd for August-December.