OPEC + fight: What to look for in Saudi Arabia, spat | | Oil and Gas Issues

It is too early to know whether the collapse of the recent cartel conference could be a conflict between Saudi Arabia and the UAE as bitter and destructive as last year’s war of attrition.

The crackdown on OPEC + has hampered the oil market from making more and more exports of worthless goods to New York.

It is too early to say whether the collapse of the cartel meeting on Monday could be a bitter and destructive conflict between Saudi Arabia and the United Arab Emirates as a last-ditch war last year.

Here are some of the major developments that could identify future challenges:

Price Moves

Manufacturers in the Middle East have traditionally signed off on their intention to sell more or less worthless items at their monthly prices. Raising the price will result in less fuel, while cutting barrels will encourage consumers to ask for more.

Saudi Arabia set up its government in August to sell unsanitary prices on its largest Asian market on Tuesday. This shows that the government expects the relationship between the public service and its interests to be strong, just as you would expect if OPEC + members could not save their agreement and what they would release next month is stored here.

The UAE’s hands are tied to poles because the price of the Murban Crude is set at an exchange sale that began this year. One barrel from Murban will cost $ 72.34 in August.

Open the tapes

The existing OPEC + boundaries are still in place – as long as members of the group continue to respect them. If Saudi Arabia or the UAE decide to drop their volume and open tapes, everyone can add one million barrels a day to the market, which could lower prices.

The increase in prices in Saudi Arabia for sale prices shows that the empire is not considering such a move. Another sign will come in a few days, when the kingdom will tell its customers how much nonsense they will get next month

Abu Dhabi had previously told consumers before the OPEC + conference to be smaller than Murb than they had requested in August.

Friends Outside

Former US President Donald Trump played a key role in ending the civil war between Saudi Arabia and Russia. He publicly ordered the two countries to return to the negotiating group and helped block the talks as Mexico opposed the agreement.

Those living in the Oval Office have taken a more traditional approach than Trump’s direct intervention, yet he was quick to show the cartel that he was monitoring the situation. President Joe Biden’s officials “have joined forces with the heads of state to work for a solution that will allow the harvest to go smoothly,” the spokesman said on Monday.

With the US oil futures jumping for six years to just under $ 77 per barrel Tuesday, watch out for other signs of American pressure for OPEC + to take action.

Negotiations for Peace

Some members of the OPEC + alliance did not lose their ties. Iraqi Oil Minister Ihsan Abdul Jabbar on Monday said he expected to “witness the day” in the next 10 days following another meeting. The team still needs to find a partnership that satisfies everyone, he said.

The country that has the most pressure to repatriate its allies at the table is one of the strongest allies in the alliance – Russia. His companies want to make progress in August, but they need a few weeks to do so. Rising domestic oil prices are a major issue before parliamentary elections in September.

Moscow’s failure to secure the required interest rate was a simple obstacle for Deputy Prime Minister Alexander Novak, one of the founders of the OPEC + alliance. He did not respond to a meeting last Monday, so check any signs that he is still working to save something.

Spiritual Warfare

The partition between Saudi Arabia and the UAE has been both private and foreign. Previous international tensions have been quietly resolved, but this time their powerful ministers are interacting through inter-TV interviews.

If the problem continues to manifest itself in the world, it could be a sign of growth.

According to Neil Quilliam, co-founder of the Middle East and North Africa program at Chatham House, “we can expect the situation to get worse before it happens.