OPEC

Last week, the U.S. Senate Judiciary Committee approved the No Oil Producing and Exporting Cartels Act (NOPEC). 

This attack was declared an attack on the “global oil economy” by the Houthis which further ignited hike in the global oil prices.

In a statement, the UAE’s ambassador to Washington has told the media that they “favour production increases and will be encouraging OPEC to consider higher production levels.”

He said that OPEC members will continue to manage oil production to ensure that markets are responsive.

Global demand recovery from the impact of the coronavirus delta variant had been faster than previous estimates and Goldman raised its year-end forecast to $90 per barrel.

Oil prices accelerate rise as OPEC+ calls off output talks Talks carried over from last week after UAE opposition Deal could see 2 million bpd added to market in stages …

The Emirati Ministry of Energy called it unfair to the UAE the proposal to extend the agreement for the entirety of 2022 without raising its production quota.