OPEC+ to make first post-UAE production decision
Key takeaways
- The UAE, one of the world’s top producers, announced April 28 it was withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) and the expanded OPEC+ group, after chafing at their production quotas.
- Neither group has reacted publicly so far — meaning there will be intense focus on the tone of the statement at the end of Sunday’s online meeting by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.
- The production decision itself is already priced in by markets.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google VIENNA, Austria: Seven OPEC+ members are meeting Sunday to make their first decision on oil-production quotas since the United Arab Emirates’ departure from the cartel, which added to the soaring price pressure unleashed by the Mideast war.
The UAE, one of the world’s top producers, announced April 28 it was withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) and the expanded OPEC+ group, after chafing at their production quotas. The withdrawal took effect on Friday.
Neither group has reacted publicly so far — meaning there will be intense focus on the tone of the statement at the end of Sunday’s online meeting by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.